BARRICK GOLD CORP (NYSE:GOLD) is a candidate for high growth investors. Here's why.

Our stock screener has detected a potential breakout setup on BARRICK GOLD CORP (NYSE:GOLD). This breakout pattern is observed when a stock consolidates following a strong upward movement. It's important to note that this pattern is based on technical analysis, and the actual breakout outcome is uncertain. However, it might be worth keeping an eye on NYSE:GOLD.

Technical analysis of NYSE:GOLD

As part of its analysis, ChartMill provides a comprehensive Technical Rating for each stock. This rating, ranging from 0 to 10, is updated on a daily basis and is based on the evaluation of various technical indicators and properties.

Taking everything into account, GOLD scores 10 out of 10 in our technical rating. This is due to a consistent performance in both the short and longer term time frames. Also compared to the overall market, GOLD is showing a nice and steady performance.

• Both the short term and long term trends are positive. This is a very positive sign.
• When comparing the yearly performance of all stocks, we notice that GOLD is one of the better performing stocks in the market, outperforming 74% of all stocks. On top of that, GOLD also shows a nice and consistent pattern of rising prices.
• GOLD is currently trading near its 52 week high, which is a good sign. The S&P500 Index however is also trading near new highs, which makes the performance in line with the market.
• In the last month GOLD has a been trading in the 19.30 - 21.35 range, which is quite wide. It is currently trading near the high of this range.
• GOLD is part of the Metals & Mining industry. There are 157 other stocks in this industry, GOLD did better than 57% of them.

For an up to date full technical analysis you can check the technical report of GOLD

Looking at the 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:GOLD has a 7 as its setup rating, indicating its current consolidation status.

Besides having an excellent technical rating, GOLD also presents a decent setup pattern. Prices have been consolidating lately. There is a resistance zone just above the current price starting at 20.92. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 20.43, a Stop Loss order could be placed below this zone.

Why NYSE:GOLD may be interesting for high growth investors.

• The EPS of BARRICK GOLD CORP has exhibited growth from one quarter to another (Q2Q), with a 68.42% increase. This underscores the company's ability to generate higher earnings and improve its financial standing.
• Over the past 3 months, analysts have adjusted their EPS Estimate for BARRICK GOLD CORP with a 23.7% change. This highlights the evolving outlook on the company's EPS potential.
• The quarterly earnings of BARRICK GOLD CORP have shown a 68.42% increase compared to the previous quarter, as revealed in the recent financial report. This growth signifies positive momentum in the company's financials, pointing towards a promising upward trend
• The earnings per share (EPS) growth of BARRICK GOLD CORP are accelerating: the current Q2Q growth of 68.42% is above the previous year Q2Q growth of -20.83%. Earnings momentum and acceleration are key for high growth systems.
• BARRICK GOLD CORP has shown positive growth in its operating margin over the past year, indicating improved operational efficiency. This growth highlights the company's ability to effectively manage costs and maximize profitability.
• Maintaining a Debt-to-Equity ratio of 0.2, BARRICK GOLD CORP demonstrates a conservative financial approach. This signifies the company's focus on minimizing debt burdens while preserving a solid equity position.
• The ownership composition of BARRICK GOLD CORP reflects a balanced investor ecosystem, with institutional shareholders owning 55.32%. This indicates a broader market participation and potential for increased trading liquidity.
• BARRICK GOLD CORP has a strong history of beating EPS estimates in the last 4 quarters, signaling its ability to consistently exceed market expectations. This indicates the company's strong financial performance and its potential for creating shareholder value.

Our High Growth Momentum Breakout screen will find you more ideas suited for high growth momentum breakouts.

Disclaimer

This article should in no way be interpreted as advice. 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.