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Take a Shine to Barrick Gold

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.

ABX Stock Chart

Chart Key

If you have questions or comments for Sam Collins, please e-mail him at samailc@cox.net .

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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