Tuesday, May 3, 2016

Randgold Resources Breaks Out from a Base

Randgold Resources stock (NASDAQ:GOLD) has broken out of a strong base that was formed in the last few months. The first two months of this year was characterized by a strong rally, followed by a strong consolidation that occurred within the last months of the year 2016.

Right now, the price has gone above the upper Trendline, as the RSI period 14 goes above the level 50. This is a bullish signal, which comes in solidarity with the bullish engulfing pattern candle that saw the close of the market last Friday.

Randgold stock is expected to continue its upwards journey, reaching the resistance levels at 100.00, 101.00 and 102.00.

Azeez Mustapha

Market Analyst, Trading Signals Provider and Coach

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