Will Barrick Gold Corp. Short Squeeze Soon? The Stock Just Gapped Up

 Will Barrick Gold Corp. Short Squeeze Soon? The Stock Just Gapped Up

The stock of Barrick Gold Corp. (TSE:ABX) gapped up by $0.35 today and has $32.90 target or 33.00% above today’s $24.74 share price. The 5 months technical chart setup indicates low risk for the $29.73 billion company. The gap was reported on Nov, 1 by Barchart.com. If the $32.90 price target is reached, the company will be worth $9.81 billion more.
Gaps up are useful for using as a support level and to some extent as a tradeable event. If investors already hold the stock and experience a price gap up, then its usually a good idea to hold the stock for a stronger up move. Back-tests of these patterns indicate that two-thirds of the times the stock performance improves after the gap. The area gaps close 89% of the time, the breakaway gaps, 2%, the continuation gaps 4% and the exhaustion gaps 61%. About 3.07 million shares traded hands. Barrick Gold Corp. (TSE:ABX) has risen 31.33% since March 28, 2016 and is uptrending. It has outperformed by 28.32% the S&P500.

Barrick Gold Corp. (TSE:ABX) Ratings Coverage

Out of 7 analysts covering Barrick Gold Corp. (TSE:ABX), 4 rate it a “Buy”, 0 “Sell”, while 3 “Hold”. This means 57% are positive. $29 is the highest target while $9 is the lowest. The $19.50 average target is -21.18% below today’s ($24.74) stock price. Barrick Gold Corp. has been the topic of 20 analyst reports since July 24, 2015 according to StockzIntelligence Inc. As per Tuesday, February 23, the company rating was maintained by RBC Capital Markets. The stock of Barrick Gold Corp. (TSE:ABX) has “Buy” rating given on Thursday, August 11 by TD Securities. The stock of Barrick Gold Corp. (TSE:ABX) has “Neutral” rating given on Thursday, February 4 by JP Morgan. The firm has “Sector Perform” rating by IBC given on Friday, July 24. As per Friday, December 4, the company rating was maintained by RBC Capital Markets. On Friday, January 22 the stock rating was maintained by RBC Capital Markets with “Sector Perform”. On Monday, October 26 the stock rating was maintained by RBC Capital Markets with “Outperform”. The stock of Barrick Gold Corp. (TSE:ABX) earned “Buy” rating by TD Securities on Friday, July 22. RBC Capital Markets maintained the shares of ABX in a report on Friday, September 2 with “Sector Perform” rating. The stock of Barrick Gold Corp. (TSE:ABX) earned “Hold” rating by Canaccord Genuity on Friday, July 31.

More notable recent Barrick Gold Corp. (TSE:ABX) news were published by: Fool.com which released: “Barrick Gold Corporation Q3 Report Leaves No Question Unanswered” on October 27, 2016, also Fool.ca with their article: “3 Reasons to Consider Barrick Gold Corp. Today” published on November 01, 2016, Fool.com published: “3 Questions Barrick Gold Corporation Investors Want Answered This Week” on October 24, 2016. More interesting news about Barrick Gold Corp. (TSE:ABX) were released by: Nasdaq.com and their article: “One Put, One Call Option To Know About for Barrick Gold” published on October 31, 2016 as well as Fool.ca‘s news article titled: “Is it Time to Reconsider Barrick Gold Corp.?” with publication date: October 21, 2016.

Barrick Gold Corporation is engaged in the production and sale of gold, as well as related activities, such as exploration and mine development. The company has a market cap of $29.73 billion. The Firm produces copper, principally from its Zaldivar joint venture and Lumwana mine, and holds other interests. It currently has negative earnings. Barricks’ divisions include Cortez, Goldstrike, Pueblo Viejo, Lagunas Norte, Veladero, Turquoise Ridge, Porgera, Kalgoorlie, Acacia Mining plc, Lumwana, Zaldivar and Pascua-Lama Project.

ABX.TO Company Profile

Barrick Gold Corporation (Barrick), incorporated on March 10, 1995, is engaged in the production and sale of gold, as well as related activities, such as exploration and mine development. The Firm produces copper, principally from its Zaldivar joint venture and Lumwana mine, and holds other interests. The Company’s divisions include Cortez, Goldstrike, Pueblo Viejo, Lagunas Norte, Veladero, Turquoise Ridge, Porgera, Kalgoorlie, Acacia Mining plc (Acacia), Lumwana, Zaldivar and Pascua-Lama Project.

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