timwest

ABX oversold bounce potential

BATS:ABX   BARRICK GOLD CORP
482 8 1
ABX             is deeply oversold and reversing up in a down market.
See chart for notes.
Tim
11:13AM EST Monday, May 14, 2012
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charttrader PRO
4 years ago
Thank you for the new idea Tim.
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timwest PRO
4 years ago
Well. This trade is going down to even more oversold levels. I must assume that a race for cash is going on, coupled with a race to buy T-Bonds.

I think it is interesting to watch how GLD and OIH are correlating for the past nine months - you can't distinguish the charts. I will publish a chart of that next OIH versus GLD, daily for the last 9 months.

Cheers. Tim
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timwest PRO
4 years ago
TARGET ZONE REACHED for ABX. It took a bit of risk to get this trade "on" but this is the place to at least take half-off the table. There is a good chance it works up to the red-box up at 44-46. But a 10% return in a couple of weeks is satisfactory from my perspective. 10:50AM EST Fri, Jun 1, 2012
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admin PRO
4 years ago
Bullseye!
Reply
nmike MOD
4 years ago
well done
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