Could AngloGold Ashanti Limited (AU) See a Reversal After Having Formed Several Months 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: Nasdaq.com which released: “Here’s Why These Gold Stocks Are Soaring Today – Nasdaq” on February 19, 2019, also Juniorminingnetwork.com with their article: “Zonte Metals drilling discovers high-grade copper, gold and silver mineralization at its Cross Hill IOCG project – Junior Mining Network” published on April 23, 2019, Seekingalpha.com published: “AngloGold, South African unions sign wage deal – Seeking Alpha” on September 17, 2018. More interesting news about AngloGold Ashanti Limited (NYSE:AU) were released by: Juniorminingnetwork.com and their article: “Megastar Development Corp. Closes $672600 Financing – Junior Mining Network” published on May 08, 2019 as well as Smh.com.Au‘s news article titled: “Major Wall Street players plan exchange to challenge NYSE, Nasdaq – The Sydney Morning Herald” with publication date: January 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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