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Technical Signals Point to a Possible Breakout for ANGLOGOLD ASHANTI PLC.

By Mill Chart

Last update: May 17, 2024

Our stock screener has flagged ANGLOGOLD ASHANTI PLC (NYSE:AU) as a potential breakout candidate. This occurs when the stock shows signs of consolidation after a notable upward trend. While we can't predict the actual breakout, it's worth monitoring NYSE:AU for potential movement.

AU Daily chart on 2024-05-17

Technical Analysis Observations

Every day, ChartMill assigns a Technical Rating to each stock, providing a score ranging from 0 to 10. This rating is determined by evaluating various technical indicators and properties.

We assign a technical rating of 9 out of 10 to AU. This is due to a consistent performance in both the short and longer term time frames. Also compared to the overall market, AU is showing a nice and steady performance.

  • Both the short term and long term trends are positive. This is a very positive sign.
  • AU is currently trading in the upper part of its 52 week range. The S&P500 Index however is currently trading near a new high, so AU is lagging the market slightly.
  • In the last month AU has a been trading in the 21.64 - 25.08 range, which is quite wide. It is currently trading near the high of this range.
  • When comparing the yearly performance of all stocks, we notice that AU is one of the better performing stocks in the market, outperforming 82% of all stocks. However, this overall good ranking is mostly due to the recent strong move.
  • AU is part of the Metals & Mining industry. There are 155 other stocks in this industry, AU did better than 63% of them.

Our latest full technical report of AU contains the most current technical analsysis.

Why is NYSE:AU a setup?

In addition to the Technical Rating, ChartMill provides a Setup Rating for each stock. This rating, ranging from 0 to 10, assesses the level of consolidation in the stock based on multiple short-term technical indicators. Currently, NYSE:AU has a 9 as its setup rating, indicating its current consolidation status.

Besides having an excellent technical rating, AU also presents a decent setup pattern. We see reduced volatility while prices have been consolidating in the most recent period. There is a resistance zone just above the current price starting at 24.64. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 24.04, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for AU in the last couple of days, which is a good sign.

Trading setups like NYSE:AU

A breakout opportunity may arise when the stock surpasses the current consolidation zone and reaches new highs. Traders often wait for this breakout before considering buying the stock. To manage risk, a stop loss order could be placed below the consolidation zone to limit potential losses.

This article should in no way be interpreted as trading advice. You should always make your own analysis and trade or not trade based on your own observations and style. The article is based purely on some technical observations.

More breakout setups can be found in our Breakout screener.

Keep in mind

This article should in no way be interpreted as advice in any way. The article is based on the observed metrics at the time of writing, but you should always make your own analysis and trade or invest at your own responsibility.