Barrick Mining Shares Jump 4.26% in Two Days as Bullish Momentum Persists

Barrick Mining shares rallied 2.00% in the most recent session to $30.07, marking the second consecutive day of gains with a 4.26% advance over this period. This upward momentum unfolds against the backdrop of a significant recovery trend established since May 2025.
Candlestick Theory
Recent sessions show robust bullish momentum, with the latest candle closing near its high ($30.07 vs. high $30.105) on expanded range—indicating strong buying pressure. The $29.08-$29.89 zone (prior session’s low-high) now acts as immediate support, while the psychological $30.00 level presents immediate resistance. The consecutive green candles after a brief consolidation phase suggest continuation potential, though a long upper wick on 2025-09-17 ($29.89 high vs. $29.48 close) signals initial profit-taking near $30.
Moving Average Theory
The 50-day moving average (approximating $26.50) slopes upward beneath the price action, confirming the intermediate bullish trend. While the 100-day and 200-day averages cannot be fully calculated due to data limitations (93 trading days provided), the consistent trading above the 50-day MA—with no significant breach since early August—establishes it as dynamic support. The shorter-term moving averages (e.g., 20-day around $28.80) remain elevated, signaling persistent bullish control.
MACD & KDJ Indicators
MACD shows a bullish histogram expansion above its signal line, reinforcing upward momentum. KDJ registers in overbought territory (K and D >80), suggesting near-term exhaustion risk after the sharp rally. This divergence between MACD’s positive momentum and KDJ’s overbought warning indicates elevated volatility potential. A bearish crossover in KDJ may precede consolidation, though the MACD trend remains supportive.
Bollinger Bands
Price consistently hugs the upper Bollinger Band (20-day, 2σ), reflecting strong bullish momentum. Band expansion during the September rally confirms increasing volatility. While this typically signals continuation, the persistent upper-band proximity increases susceptibility to mean-reversion pullbacks toward the mid-band ($28.50).
Volume-Price Relationship
Volume surged 35% on the initial breakout (2025-09-17: 27.95M shares), validating the bullish move. However, the most recent session saw a 12% volume decline despite the price advance—a minor divergence suggesting weakened participation at current levels. Overall accumulation/distribution metrics remain positive but warrant monitoring for follow-through volume.
Relative Strength Index (RSI)
The 14-day RSI (~76) exceeds the overbought threshold (70), indicating stretched conditions after the rapid ascent. Historically, similar RSI peaks preceded shallow pullbacks (1-3 sessions) within the broader uptrend. While overbought, RSI divergence remains absent, allowing momentum to persist temporarily.
Fibonacci Retracement
Applying Fib levels to the $17.41 (May 16 low) - $30.105 (Sept 18 high) rally identifies key support: 23.6% ($27.11), 38.2% ($25.26), and 50% ($23.76). The price currently consolidates above the 23.6% level. These retracement zones align with prior consolidation areas, offering potential accumulation levels should profit-taking emerge.
Confluence and Divergence Synthesis
Strong confluence exists between the moving average structure, MACD momentum, and Bollinger Band expansion—all validating the uptrend. However, divergence emerges in KDJ/RSI overbought signals coinciding with the recent volume decrease. This suggests near-term consolidation probability, though any retracements remain likely to find support at $27.11 (Fibonacci) or $28.50 (Bollinger mid-band) before potential trend resumption.