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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 $13.
Sibanye Gold Ltd (ADR) (NYSE: SBGL)
Sibanye may be the most promising potential trade of the three gold miners. Not only does its ADX of 21.1 indicate that its trend is the strongest of the three, its ADX also has the most upward momentum in the near term.
Disclosure: The author holds no position in the stocks mentioned.
Image Credit: Public Domain
See more from Benzinga © 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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CODE : AEM.TO |
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ISIN : CA0084741085 |
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Agnico Eagle Mines est une société de production minière d'or basée au Canada. Agnico Eagle Mines est productrice d'or, d'argent, de cuivre, de plomb et de zinc au Canada, au Mexique et en Finlande, en développement de projets d'argent, de cuivre, d'or, de plomb et de zinc au Canada, et détient divers projets d'exploration au Canada. Ses principaux projets en production sont LARONDE, LARONDE (EL COCO) MINE, MEADOWBANK et LARONDE EXTENSION au Canada, PINOS ALTOS au Mexique et KITTILA en Finlande, ses principaux projets en développement sont LAPA, GOLDEX et LARONDE au Canada et ses principaux projets en exploration sont BOUSQUET MINE, JOUTEL, NIGHTHAWK, GERMAN PROPERTY, MOUNTJOY PROPERTY, THORNLOE, REID, NW DELORO, CARR - WILKIE, WHITNEY TISDALE, WARK, EASTER DOME, MELIADINE, ELLISON, BOUSQUET AND ELLISON, COLOMAC MINE, CABALLO BLANCO PROPERTY et VICTORY LAKE au Canada et MORELOS SUR au Mexique. Agnico Eagle Mines est cotée au Canada, aux Etats-Unis D'Amerique et en Allemagne. Sa capitalisation boursière aujourd'hui est 5,2 milliards (3,7 milliards US$, 3,5 milliards €). La valeur de son action a atteint son plus bas niveau récent le 29 octobre 1999 à 10,10 , et son plus haut niveau récent le 14 novembre 2024 à 109,24 . Agnico Eagle Mines possède 47 442 200 actions en circulation. |