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Neighbour: Looking to sell Antofagasta

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Joe Neighbour is looking to sell shares in mining group Antofagasta. After an initial rally in markets following the ECB’s pledge to deliver stimulus to Europe, some mining stocks started to weaken on Thursday afternoon.

Antofagasta was among the mining companies to drop and Joe believes it continues to look weak on a relative basis.

Joe thinks short covering may have been part of the reason why shares, at first, rallied after the ECB’s announcement, only to weaken later.

In the long term he is bullish on equities, but thinks there is room for a pullback in the short term. He is looking to sell Antofagasta.  Joe has a stop loss at 770p and his target is 620p, which is the recent low.