The stock of Antofagasta plc (LON:ANTO) gapped down by GBX 3 today and has GBX 667.51 target or 4.00% below today’s GBX 695.32 share price. The 7 months technical chart setup indicates high risk for the GBX 6.84 billion company. The gap down was reported on Nov, 29 by Barchart.com. If the GBX 667.51 price target is reached, the company will be worth GBX 273.60M less.
Gaps down are helpful for identifying a resistance level and to could also be used as a tradeable event. If traders are short the stock and it experiece gap down, then its usually advisable to hold the short for a bigger down move. Back-tests of such patterns show that two-thirds of the these patterns the stock performance worsens after the gap. The area gaps close 91% of the time, the breakaway gaps 1%, the continuation gaps 9% and the exhaustion gaps 64%. The stock decreased 4.55% or GBX 33.18 on November 29, hitting GBX 695.32. About 3.36M shares traded hands. Antofagasta plc (LON:ANTO) has risen 56.35% since May 3, 2016 and is uptrending. It has outperformed by 51.09% the S&P500.
Antofagasta plc (LON:ANTO) Ratings Coverage
Out of 29 analysts covering Antofagasta PLC (LON:ANTO), 4 rate it a “Buy”, 13 “Sell”, while 12 “Hold”. This means 14% are positive. Antofagasta PLC has been the topic of 258 analyst reports since July 23, 2015 according to StockzIntelligence Inc. The stock of Antofagasta plc (LON:ANTO) earned “Hold” rating by Deutsche Bank on Thursday, April 28. The rating was maintained by Credit Suisse on Tuesday, December 15 with “Underperform”. The stock of Antofagasta plc (LON:ANTO) earned “Neutral” rating by JP Morgan on Wednesday, August 17. On Friday, October 30 the stock rating was maintained by Goldman Sachs with “Sell”. The stock of Antofagasta plc (LON:ANTO) has “Equal Weight” rating given on Wednesday, August 26 by Barclays Capital. The company was maintained on Friday, April 1 by RBC Capital Markets. BMO Capital Markets maintained the stock with “Outperform” rating in Tuesday, August 25 report. The firm has “Equal Weight” rating given on Thursday, May 5 by Barclays Capital. As per Wednesday, December 16, the company rating was maintained by BNP Paribas. The firm has “Neutral” rating given on Friday, July 24 by JP Morgan.
Another recent and important Antofagasta plc (LON:ANTO) news was published by Bloomberg.com which published an article titled: “Years-Long Copper Glut Can Still Flush Out Deals for Antofagasta” on September 15, 2016.
Antofagasta plc is a copper mining company. The company has a market cap of 6.84 billion GBP. The Firm is engaged in by-product production and has interests in transport. It has a 3049.66 P/E ratio. The Company’s divisions include Los Pelambres, Centinela, Michilla, Antucoya, Zaldivar, Exploration and evaluation, Railway and other transport services, Mining, Water concession, and Corporate and other items.
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