Barrick Gold Is Moving Above Resistance
Published on Tuesday, 04 September 2012 07:52 Written by TradersHuddle Wire
New York, September 4th (TradersHuddle.com) - Shares of Barrick Gold Corporation (NYSE:ABX) closed the session at $38.52 just above calculated resistance at $38.30. The stock effectively broke out and grasped the attention of momentum traders, which could eventually push the stock to a different trading range.
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.
The stock was trading in a well defined range with support at $31.48 and resistance at $38.30. Given that this range was broken, traders will be closely monitoring Barrick Gold's price action to gather clues on the future direction.
From a technical perspective, it can be expected that previous resistance becomes support, as the new range gets defined. However, given that Barrick Gold is still near the broken resistance level, traders will be focusing on the $38.30 level to see if the stock holds the breakout without rolling over.