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Possible Bullish Inside Day Candle Pattern Detected for Barrick Gold (NYSE:ABX)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Barrick Gold (NYSE:ABX) based on the price action in the company's shares. Today's price range of $21.01 and $21.32 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 Barrick Gold may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Over the past year, Barrick Gold has traded in a range of $5.91 to $23.47 and is now at $21.11, 257% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 2.8% while the 200-day MA has risen 2.1%.

Barrick Gold Corporation is an international gold company with operating mines and development projects in the United States, Canada, South America, Australia, and Africa.

Barrick Gold (NYSE:ABX) defies analysts with a current price ($21.11) 56.5% above its average consensus price target of $9.17. The stock should discover initial support at its 50-day moving average (MA) of $15.04 and subsequent support at its 200-day MA of $9.69.

SmarTrend recommended that subscribers consider buying shares of Barrick Gold on June 3rd, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $18.62. Since that recommendation, shares of Barrick Gold have risen 10.8%. We continue to monitor ABX for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish inside day candle Barrick Gold

Ticker(s): ABX