Monday, December 15, 2008

Bull Flag - Barrick Gold Corp. (Public, TSE:ABX)

ABX (TSX) formed a bullish flag. Extend Fib. from low of the flag pole to the high of the flag. The target is a measured move of 100%.

A second trade was possible when price retraced back to the ORH, tested but held on a closing basis. The bar by bar shakeout ends with a bullish engulfing, hammer-like stick which foreshadows a retracement. Once price broke above the round $ number, it retraced back to the 50% level.

2 comments:

bl said...

Clean trade. All the gold and silvers popped at the open.

Jamie said...

Yeah, missed AEM which was the best one on my WL, but happy with the ABX trade.