Friday, April 11, 2008

ABX - Gold Recovery?

Take a look at ABX, a gold miner.

I will list the pros and cons about this stock chart.

  • MACD turning bullish
  • Trend is up, stock is in the lows of trend (good entry)
  • Decreasing volume on pullback (consolidation)
  • Right now it is testing the trendline, going above and below it, but it fails to provide solid support.
  • Second MACD green bar is lower than the first, troubling
  • Williams %R refuses to leave undersold area

Right now I own some ABX, probably a little too much for all the concerns I have. I will be a buyer if the CONS are eliminated in the next few trading days.