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Downgrade Alert for Randgold Resources (GOLD)

By Nick Russo

Randgold Resources (NASDAQ:GOLD) was downgraded from Equal Weight to Underweight at Morgan Stanley today. The stock closed yesterday at $111.95 on volume of 1.6 million shares, above average daily volume of 904,000.

Over the past year, Randgold Resources has traded in a range of $54.88 to $126.55 and closed yesterday at $111.95, 104% above that low. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has risen 0.9%.

Randgold Resources (NASDAQ:GOLD) is currently priced 28.7% above its average consensus analyst price target of $79.78. The stock should discover initial support at its 50-day moving average (MA) of $91.88 and subsequent support at its 200-day MA of $71.57.

Randgold Resources Limited is a gold mining and exploration company. The Company conducts gold mining operations in regions throughout the gold regions of Africa.

SmarTrend recommended that subscribers consider buying shares of Randgold Resources on June 6th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $91.46. Since that recommendation, shares of Randgold Resources have risen 26.7%. We continue to monitor GOLD for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: analyst upgrades/downgrades Randgold Resources

Ticker(s): GOLD