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Barrick Gold Set to Possibly Rebound After Yesterday's Selloff of 3.10%

By Nick Russo

Barrick Gold (NYSE:ABX) traded in a range yesterday that spanned from a low of $16.29 to a high of $17.04. Yesterday, the shares fell 3.1%, which took the trading range below the 3-day low of $16.44 on volume of 7.6 million shares. Often times after large one-day declines, short-term traders may play for some degree of mean reversion.

Over the past year, Barrick Gold has traded in a range of $5.91 to $23.47 and is now at $16.38, 177% 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%.

SmarTrend recommended that its subscribers protect gains by selling shares of Barrick Gold on August 24th, 2016 by issuing a Downtrend alert when the shares were trading at $18.89. Since that call, shares of Barrick Gold have fallen 10.4%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: rebounders Barrick Gold

Ticker(s): ABX