Mike's Mid Day Minute is available to members on Monday, Wednesday & Friday evenings, with one article per week available to non-members. Members please login and see "Mike's Mid Day Minute" in the navigation menu towards the top of the page.

Bullish on Barrick Gold


The weakness in Barrick Gold Corporation (ABX) from its Dec high at 55.72 to yesterday's low at 45.75 (-18%) has returned the price structure to a critical convergent support area around 46.00-45.50. This represents the sharply rising 200 DMA, as well as the extension of the trendline across a series of 2009 and 2010 peaks (now serving as support) that cut across the price axis in the vicinity of 46.00-47.00.

The combination of a key intermediate-term support area and the downleg pattern from 55.72 to 45.75, which exhibits corrective form, compel me to hold a long position in ABX for our model portfolio. Only a sustained breach of 45.80/40 will argue that the otherwise still-intact multi-year uptrend remains viable.

  • Action-Oriented Trade Set-Ups in Stocks & ETFs
  • Macro Analysis of the Broader Markets
  • Detailed Technical Guidance for each Trading Idea
  • Live Interaction w/ Mike & Our Member Community
  • And Much, Much More!
Join Now! - Special Offer!
Veteran Wall Street analyst and financial author, Mike provides detailed and timely analysis and trade set-ups on a range of markets. Read more...

Have Mike's “Out Front” morning analysis delivered FREE to your email inbox twice weekly!