What Next for AngloGold Ashanti Limited (AU) After Forming Bearish Wedge Down Pattern?

AngloGold Ashanti Limited (NYSE:AU) Logo

The stock of AngloGold Ashanti Limited (AU) formed a down wedge with $11.30 target or 3.00 % below today’s $11.65 share price. The 8 months wedge indicates high risk for the $4.82B company. If the $11.30 price target is reached, the company will be worth $144.45 million less.
Falling wedges are poor performers for bullish breakouts and are tricky moments to trade. Investors must be aware that the break even failure rate for up or down breakouts is: 11% and 15%. The average rise is 32% and the decline is 15%. The falling wedges has high throwback and pullback rate: 56%, 69% and the percent of wedges meeting target is not very high.

The stock decreased 3.18% or $0.38 during the last trading session, reaching $11.65. About 1.64M shares traded. AngloGold Ashanti Limited (NYSE:AU) has risen 43.18% since May 8, 2018 and is uptrending. It has outperformed by 38.81% the S&P500.

More notable recent AngloGold Ashanti Limited (NYSE:AU) news were published by: Benzinga.com which released: “26 Stocks Moving In Wednesday’s Pre-Market Session – Benzinga” on February 20, 2019, also Smh.com.Au with their article: “Major Wall Street players plan exchange to challenge NYSE, Nasdaq – The Sydney Morning Herald” published on January 08, 2019, Seekingalpha.com published: “AU Optronics – Don’t Let The Yield Fool You – Seeking Alpha” on January 06, 2019. More interesting news about AngloGold Ashanti Limited (NYSE:AU) were released by: Investorplace.com and their article: “Bet On Gold Stocks as the M&A Love Triangle Gets Interesting – Investorplace.com” published on February 27, 2019 as well as Seekingalpha.com‘s news article titled: “Iamgold: Q1 Was Simply Bad – Seeking Alpha” with publication date: May 08, 2019.

AngloGold Ashanti Limited operates as a gold mining and exploration company. The company has market cap of $4.82 billion. The firm also produces silver, uranium oxide, copper, and sulphuric acid. It has a 36.51 P/E ratio. The Company’s portfolio includes 17 mines in South Africa, Continental Africa, Australasia, and the Americas.

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