Barrick Gold Reversal Soon?

Published on Thursday, 02 September 2010 01:24 Written by Christian Paolinetti

New York, September 2nd (TradersHuddle.com) - Shares of Barrick Gold Corporation (NYSE:ABX) ended the trading session lower by $1.43 or -3.06% from its previous close. Barrick Gold's price action formed what is considered to be a bearish engulfing candlestick chart pattern.

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

Barrick Gold's current stock range is defined by calculated support defined at $42.80 and by the resistance level at $45.75, which should be used by traders planning their trades.

Traders wanting to establish a position in Barrick Gold stock need to pay close attention at the bearish engulfing pattern, since it could mark a trend reversal to current Barrick Gold shares price action. The Bearish engulfing pattern is a leading warning sign, therefore traders should closely monitor price action for indications of a trend reversal. Below an Engulfing Bearish Candle Illustration: