ABX Long
ABX chatter has been increasing heavily among analysts during 2018.
Macquarie Downgrade the shares of Barrick Gold Corporation from Outperform to Neutral when they released a research note on October 22nd, 2018. (BEFORE merger with RandGold was approved)
Citigroup Upgraded the shares of Barrick Gold Corporation from Neutral to Buy in a research note they presented on September 25th, 2018, but they now have set a price target of $235. Which is ridiculous.
However back in August 29th 2018, Citigroup Upgrade the shares of Barrick Gold Corporation from Sell to Neutral when they released a research note on August 29th, 2018, with a more realistic price target of $31, (an increase from their early 2018 target of $23.
Technical - Weekly BB expanding as price moved and stayed above medium of bearish pitchfork. With Gold floating up amidst global turmoil, ABX profit margins are increasing and quickly.
Also the Moving Averages are about to cross positive on weekly which should help break up of the descending wedge.
Fundamentals - The M&A with RandGold is cleared for 1st Jan completion. Bullish. kitco.com/news/2018-12-18/Barrick-Merger-With-Randgold-Cleared-To-Close-On-Jan-1.html - Also 95 Staff have been let go in preparation of this merger, including the resignation of the current head Honcho at ABX to make room for a new leader which is part of the Merger. This news has been received mostly positive as a lot of fat is being cut out to make room for streamlining operations and reducing costs as the M&A completes.
Trade setup: Long with stop at below $10 - we will find out in the month of Jan most likely. If it runs, target is $31 and will take a few months to play out.
Macquarie Downgrade the shares of Barrick Gold Corporation from Outperform to Neutral when they released a research note on October 22nd, 2018. (BEFORE merger with RandGold was approved)
Citigroup Upgraded the shares of Barrick Gold Corporation from Neutral to Buy in a research note they presented on September 25th, 2018, but they now have set a price target of $235. Which is ridiculous.
However back in August 29th 2018, Citigroup Upgrade the shares of Barrick Gold Corporation from Sell to Neutral when they released a research note on August 29th, 2018, with a more realistic price target of $31, (an increase from their early 2018 target of $23.
Technical - Weekly BB expanding as price moved and stayed above medium of bearish pitchfork. With Gold floating up amidst global turmoil, ABX profit margins are increasing and quickly.
Also the Moving Averages are about to cross positive on weekly which should help break up of the descending wedge.
Fundamentals - The M&A with RandGold is cleared for 1st Jan completion. Bullish. kitco.com/news/2018-12-18/Barrick-Merger-With-Randgold-Cleared-To-Close-On-Jan-1.html - Also 95 Staff have been let go in preparation of this merger, including the resignation of the current head Honcho at ABX to make room for a new leader which is part of the Merger. This news has been received mostly positive as a lot of fat is being cut out to make room for streamlining operations and reducing costs as the M&A completes.
Trade setup: Long with stop at below $10 - we will find out in the month of Jan most likely. If it runs, target is $31 and will take a few months to play out.
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