| New ADX Uptrends In These 3 Gold Miners | |
| | |
|
It can be difficult to find any favorable trends in a stock market like the one that has started 2016, but one technical indicator is signaling the beginning of a new uptrend for gold mining stocks.
Trader Welles Wilder published his Average Directional Index (ADX), as well as its complementary Plus/Minus Directional Indicator (+/-DI) metrics back in 1978. Calculating ADX is a somewhat complicated five-step process that involves several smoothing measures, but traders typically use ADX and DI to determine trend strength and trend direction. A new trend is formed when the ADX crosses above 20, and Wilder has suggested that an ADX above 25 is a strong trend. In terms of direction, an uptrend is indicated by +DI above –DI.
According to ADX each of the following three gold miners may have just started new uptrends.
Agnico Eagle Mines Ltd (USA) (NYSE: AEM)
Agnico Eagle’s ADX just crossed above 20, and its +DI is well above its –DI, indicating the new trend should be higher.
Related Link: RBS: Sell Almost Everything
AngloGold Ashanti Limited (ADR) (NYSE: AU)
Traders are hoping that the new ADX uptrend will carry this gold miner back to its 52-week high near $13.
Sibanye Gold Ltd (ADR) (NYSE: SBGL)
Sibanye may be the most promising potential trade of the three gold miners. Not only does its ADX of 21.1 indicate that its trend is the strongest of the three, its ADX also has the most upward momentum in the near term.
Disclosure: The author holds no position in the stocks mentioned.
Image Credit: Public Domain
See more from Benzinga © 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
|
|
|
VanEck Vectors Global Alternative Energy ETF
|
|
PRODUCER |
|
CODE : AEM.TO |
|
ISIN : CA0084741085 |
|
|
| |
ProfileMarket
IndicatorsVALUE :
Projects & res.Press
releasesAnnual
reportRISK :
Asset profileContact Cpy |
Agnico Eagle Mines is a gold producing company based in Canada. Agnico Eagle Mines produces gold, copper, lead, silver and zinc in Canada, in Finland and in Mexico, develops copper, gold, lead, silver and zinc in Canada, and holds various exploration projects in Canada. Its main assets in production are LARONDE, LARONDE (EL COCO) MINE, MEADOWBANK and LARONDE EXTENSION in Canada, PINOS ALTOS in Mexico and KITTILA in Finland, its main assets in development are LAPA, GOLDEX and LARONDE in Canada and its main exploration properties are BOUSQUET MINE, JOUTEL, NIGHTHAWK, GERMAN PROPERTY, MOUNTJOY PROPERTY, THORNLOE, REID, NW DELORO, CARR - WILKIE, WHITNEY TISDALE, WARK, EASTER DOME, MELIADINE, ELLISON, BOUSQUET AND ELLISON, COLOMAC MINE, CABALLO BLANCO PROPERTY and VICTORY LAKE in Canada and MORELOS SUR in Mexico. Agnico Eagle Mines is listed in Canada, in Germany and in United States of America. Its market capitalisation is 5.2 billions as of today (US$ 3.7 billions, € 3.5 billions). Its stock quote reached its lowest recent point on October 29, 1999 at 10.10, and its highest recent level on November 14, 2024 at 109.24. Agnico Eagle Mines has 47 442 200 shares outstanding. |