Barrick Gold Making a Break for It
by Sam Collins 04/16/09
Barrick Gold Corp. (ABX) -- This acquirer, explorer, and developer of gold properties and copper, silver, and zinc has pulled back from a recent high above $40 but fell through support at the conjunction of the 50- and 200-day moving averages.
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Barrick is trading in a huge triangle with support at $29 and the intermediate trend line (shown in the chart above).
The stochastic issued a buy signal yesterday but, in order for ABX to pick up momentum, it must close above the 50- and 200-day moving averages now at around $34.
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Sam Collins is a registered, fee-based portfolio manager who may be contacted samailc@cox.net. You can also check out an archive of some of his most recent market outlooks by clicking here.
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