timwest

Barrick Gold Corp ABX - REVIEW OF $16 to $18 rally on BUY SIGNAL

NYSE:ABX   BARRICK GOLD CORP
443 12 8
REPUBLISHING THE LAST ABX             CHART from late May. It's time to ring the cash register here.

Buy pullbacks to "0" in CCI (21-day) and then exit on the next move to +100 and +150. I doubt it will get to +200 again right away unless we have a move in VIX             to 18-20.

I hope you all cashed in on this move.

Tim 11:58PM Sunday 6/22/2014
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Worked well. Any updates
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Still keeping an eye on this as I only cashed out half. Even though overbought still hitting LL and HH. 17.75 area seems to have been some major resistance.
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timwest PRO gatorNic
What do you see now?
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Isn't the price consolidating for a higher high and then coming down before the Earnings release?
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2use timwest
Or are we waiting for CCI to drop below to the oversold? CCI is barely moving just with the price. I haven't seen it make a move above after consolidation before. Yet again, some chartists here see a rollover in IWM and other indices to support a point of gold going up.
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gatorNic timwest
Indicators are a mixed bag right now. MACD is rounding out, CCI declining, Stochastic saying oversold, still above the 100day SMA. Although I find the Ichimoku cloud the most interesting, its breaking through the cloud on the daily.

Unfortunately if you look at too many indicators you're just going to end up seeing what you WANT to see. So mainly just going to keep an eye on the support and resistance levels.

My last comment is still valid though, still hitting recent highs on Thursday and even more so today breaking through 18.50. I currently have my stop set at 17.64, as I mentioned before, there is heavy resistance around the 17.65-17.75 area. Even if I get stopped out its a 9% gain. I think though if it closes above 18.50 for the next day or two, I will be moving up my stop.
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2use gatorNic
All true, but isnt it also that some indicators may work better than others for a stock. Some have a better relationship with CCI than others for instance.
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I have heard of something like that but I have not seen it in practice. Certainly not my area of expertise.
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Target hit. Great Job, Tim!
+1 Reply
gatorNic HamedAghajani
agreed! I moved my stop up yesterday to 18.45. Almost got stopped out after it had a big fall from the morning. But it bounced off 18.50 pretty well. Even if it did stop out would have been about 14% gain. I'll take that any day. Nice to see it back above 19.00. See if it can hold this time.
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