Today we'll analyze the Stock ABX for online market trading,
Technical indicators to notice:
1- Last bullish trend was from 47.59$ (02/15/08) to 53.31$ (03/14/08) a 5.72$ move
2- The current bearish trend started from 53.31$ at 03/14/08 and is currently trading at 42.00$.
3- According to ADX, the trend is currently strong bearish,which is becoming weaker.
Short term chart patterns :
4- The Stock was supported by a support line, identified by two points: 47.59 and 46.73 that was broken down at 42 transforming into a resistance line.
Mid term chart patterns :
5- The Stock was supported by a support line, identified by two points: 47.59 and 46.73 that was broken down at 42 transforming into a resistance line.
Long term chart patterns :
6- The Stock traded in a bullish channel identifed by support at 38 and 30.41, resistance between 53.31 and 45.45 which was broken down at 42 in higher than usual volume.
Conclusion:
ABX was trading in a strong bearish wave, which is becoming weaker .
Technical indicators and chart patterns show bearish direction,
recommend hedging long positions or entering short position or bearish spread options strategy .
Resistance Levels: 44.25, 44.67, 46.32, 47.65, 48.67, 48.99, 53.31.
Support Levels: .
Monday, March 24, 2008
Barrick Gold Corporation (USA) (ABX) Technical Analysis
That's all for today ... thanks for reading the post,
come back soon for more updates,
use the search to lookup for more interesting stocks you might be interested in,
feel free to leave your comments on the post, or contact me
enjoy your online market trading!!
have a nice day,
Shadi
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