AngloGold Ashanti Limited (AU) Forms Multiple Bottom Chart Pattern; Strong Momentum for Sellers

January 13, 2018 - By Nellie Frank

The stock of AngloGold Ashanti Limited (AU) shows a multiple bottoms pattern with $10.74 target or 3.00 % below today’s $11.07 share price. The 9 months chart pattern indicates high risk for the $4.18B company. It was reported on Jan, 13 by Finviz.com. If the $10.74 price target is reached, the company will be worth $125.34 million less.
Multiple bottoms are very good trading chart patterns. These patterns have a low break even failure rate and decent average rise in a bull market, giving them a solid performance rank. Back-tests of such patterns show that the break even failure rate is 4%, the average rise: 37%, the throwback rate: 64% and the percentage of stocks meeting their price targets: 64%.

The stock increased 4.14% or $0.44 during the last trading session, reaching $11.07. About 3.91 million shares traded or 38.56% up from the average. AngloGold Ashanti Limited (NYSE:AU) has declined 18.89% since January 13, 2017 and is downtrending. It has underperformed by 35.59% the S&P500.

AngloGold Ashanti Limited (NYSE:AU) Ratings Coverage

Among 5 analysts covering Anglogold Ashanti Limited (NYSE:AU), 4 have Buy rating, 1 Sell and 0 Hold. Therefore 80% are positive. Anglogold Ashanti Limited has $12.50 highest and $8.50 lowest target. $8.50’s average target is -23.22% below currents $11.07 stock price. Anglogold Ashanti Limited had 12 analyst reports since August 18, 2015 according to SRatingsIntel. HSBC upgraded AngloGold Ashanti Limited (NYSE:AU) on Tuesday, November 7 to “Buy” rating. The rating was upgraded by Citigroup to “Neutral” on Tuesday, February 23. The firm earned “Buy” rating on Friday, January 15 by Goldman Sachs. The rating was upgraded by RBC Capital Markets on Monday, November 13 to “Outperform”. The stock of AngloGold Ashanti Limited (NYSE:AU) earned “Sell” rating by Citigroup on Tuesday, May 10. The stock of AngloGold Ashanti Limited (NYSE:AU) has “Buy” rating given on Monday, January 18 by Goldman Sachs. The firm has “Sector Perform” rating by RBC Capital Markets given on Tuesday, March 8. The company was upgraded on Monday, April 11 by RBC Capital Markets. The firm has “Sector Perform” rating given on Monday, April 24 by RBC Capital Markets.

More notable recent AngloGold Ashanti Limited (NYSE:AU) news were published by: Marketwatch.com which released: “AngloGold Ashanti Ltd. ADR” on December 21, 2009, also Seekingalpha.com with their article: “AngloGold Ashanti Invests $400m At Siguiri, Guinea” published on July 05, 2016, Marketwatch.com published: “Randgold Resources Ltd. ADR” on December 21, 2009. More interesting news about AngloGold Ashanti Limited (NYSE:AU) were released by: Seekingalpha.com and their article: “AngloGold Ashanti Ltd. Going Higher” published on March 07, 2016 as well as Seekingalpha.com‘s news article titled: “AngloGold Ashanti Limited: I Would Buy This Gold Stock” with publication date: February 26, 2016.

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