Barrick Gold Corporation (NYSE: ABX ) - This acquirer, explorer and developer of gold, copper, silver and zinc, pulled back from a high of $48 in early December 2009, and bottomed at just under the 200-day moving average at $35 in February.
Since then, it has found support at its ascending 200-day moving average. That ascending support is putting pressure on the major bearish resistance line (triple-top) at $47.
A new buy signal was generated by the stochastic in late July, and the top was breached, but ABX then pulled back to support at its 200-day moving average.
If ABX conclusively breaks the compound top, look for a major move higher with a long-term target of $55.
S&P rates the stock a "three-star buy" with a 12-month target of $57.
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