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Possible Bullish Inside Day Candle Pattern Detected for AngloGold Ashanti (NYSE:AU)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in AngloGold Ashanti (NYSE:AU) based on the price action in the company's shares. Today's price range of $15.98 and $16.19 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Traders and investors interested in shares of AngloGold Ashanti may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Based on a current price of $16.16, AngloGold Ashanti is currently 30.3% above its average consensus analyst price target of $11.26. The stock should find initial support at its 50-day moving average (MA) of $14.03 and further support at its 200-day MA of $9.41.

Over the past year, AngloGold Ashanti has traded in a range of $5.64 to $22.91 and is now at $16.16, 187% above that low. Over the last five market days, the 200-day moving average (MA) has gone up 1.8% while the 50-day MA has advanced 2.3%.

AngloGold Ashanti Limited is a holding company for a group of companies which explore for and mine gold internationally. The Group has operations in the Vaal River and West Witwatersrand areas of South Africa as well as Namibia, Mali, Brazil, Argentina, Australia, Tanzania and the United States.

SmarTrend recommended that its subscribers protect gains by selling shares of AngloGold Ashanti on August 19th, 2016 by issuing a Downtrend alert when the shares were trading at $19.28. Since that call, shares of AngloGold Ashanti have fallen 17.3%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish inside day candle anglogold ashanti

Ticker(s): AU