SIACharts Logo

Commentary >

Barrick Gold Corp - (ABX.TO) - April 17, 2023

Barrick Gold (ABX.TO) has returned to the Green Favored Zone of the SIA S&P/TSX 60 Index Report from a winter dip down into the red zone. Currently, it is sitting in the 14th position, up 9 spots in the last month.

Since bottoming out last fall, Barrick Gold (ABX.TO) shares have been in recovery mode, with its 50 and 200-day moving averages having completed a bullish Golden Cross back in January. An initial rally and correction have moved the shares into the $21.50 to $26.50 zone, a range ABX.TO appears poised to break out of. Their first initial upside test appears at a long-term downtrend line near $27.50 where a breakout would confirm the start of a new uptrend.

Next potential resistance after that appears in the $30.00 to $31.50 zone between a round number, a measured move, and a retest of last year’s spring peak. In a pullback, initial support could emerge near the $25.00 round number, or the 50-day average near $24.00.

Barrick Gold (ABX.TO) bottomed out back in November and since then, the shares have been under renewed accumulation. An initial rally that lasted through to February snapped a downtrend line, A winter correction was moderate, not enough to trigger a high pole warning. In recent weeks, the shares have started to climb once again and this month, they have completed a bullish Double Top and a Bullish Catapult.

Initial upside resistance may appear near the $30.00 round number, followed by $31.30, where a previous column high and a horizontal count converge. Initial support appears near $24.65 based on a 3-box reversal. With a perfect SMAX score of 10, ABX.TO is exhibiting strength across the asset classes.

Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.

Related Posts

Keep up to date on the latest financial market news.

Receive a daily newsletter with stock highlights, ETF rankings, weekly market focus and others.