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It is a bit of a gutsy trade. I’d say look at Anglo American at around R260 for a move back up to R285 and monitor a stop loss at R255. I saying put in a stop there because it’s very risky. If we don’t hold the R260 level there could potentially be a lot more downside… You can see the whole market is under a lot of strain at the moment and that would definitely reflect on Anglo American. When we saw the results coming out in the US that immediately had a 1.5% effect on the share price. If there is any potential downside when we break this 10,000 level on the Dow Jones a move down to 9,800 is probably imminent - so in the same breath I’d say R260 would be the same level for Anglo American. If we break R260 cut it at R255 even before it runs down to R250.

Broker:
Stefan Swart, Anglorand Derivatives

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