Barrick Mining Shares Surge 9.71% on Heavy Volume as Technicals Signal Bullish Breakout

Barrick Mining (B) shares surged 9.71% to $32.99 in the latest session, marking the third consecutive daily gain and a cumulative 14.39% advance over this period. This decisive upward move occurred on substantially elevated volume of 71.17 million shares – the highest single-day turnover in three months – signaling strong bullish conviction.
Candlestick Theory
The recent trading sessions reveal a robust reversal pattern. The 9/17 session formed a Hammer candle with a long lower wick (low: $28.38, close: $29.48), indicating rejection of lower prices after testing the 20-August support zone ($28.60-$28.83). This was followed by three consecutive white candles with expanding real bodies, culminating in a large bullish marubozu (open: $30.15, close: $32.99) on 9/19 that absorbed the $31.50 resistance level. Key support now lies at $30.15 (prior resistance-turned-support), while resistance emerges near the psychological $35.00 level, last tested in late 2024.
Moving Average Theory
The moving average configuration demonstrates a bullish hierarchy. The 50-day MA ($26.72) recently crossed above the 100-day MA ($24.93), while both remain below the current price. This golden cross occurred concurrently with price breaking through the 200-day MA ($25.80) on 9/05 – all indicating strengthening intermediate-term momentum. The expanding distance between the 50-day and longer-term averages reflects accelerating upside velocity, though the steep ascent increases near-term consolidation risk.
MACD & KDJ Indicators
The MACD histogram (12,26,9) shows sustained positive momentum with both the MACD line (1.42) and signal line (1.21) in bullish territory. However, the rate of histogram expansion is decelerating, hinting at potential momentum plateauing. Concurrently, the KDJ oscillator exhibits overbought conditions (K:86, D:82, J:94), with the J-line hovering near 100 – its highest level since May. While not yet bearish, these extremes suggest limited near-term upside without consolidation.
Bollinger Bands
Volatility expansion is evident as price penetrated the upper Bollinger Band ($31.10) on 9/19, following two months of band contraction (late July to mid-September). The 20-day band width expanded 28% during this breakout – the most significant volatility surge since June. Historically, such expansions after prolonged contraction tend to precede consolidation phases. The current upper band sits at $33.40, while the middle band ($29.20) now forms dynamic support.
Volume-Price Relationship
The breakout validity is confirmed by volume patterns. Cumulative volume over the three-day rally (123.94M shares) exceeds the prior ten sessions' total (122.37M), indicating institutional accumulation. Volume on the breakout day (71.17M) tripled the 20-day average, with volume spikes consistently aligning with directional moves – including the 8/21 surge (22.19M shares, +2.78%) and 6/13 advance (30.58M, +3.15%). This volume profile supports continuation potential.
Relative Strength Index (RSI)
The 14-day RSI (71.3) has entered overbought territory after accelerating from 54 to 71 in three sessions. While this warns of potential consolidation, its bullish divergence in late August (price made lower low at $26.28 on 8/29 while RSI made higher low at 51) preceded the current uptrend. Historical behavior shows Barrick's RSI can extend above 75 during strong commodity-driven rallies, reducing immediate reversal probability despite overbought readings.
Fibonacci Retracement
Applying Fibonacci levels to the May-Sep upswing (swing low: $17.41 on 5/16, high: $33.20 on 9/19) reveals key technical levels. The 23.6% retracement ($29.47) aligns with last week's consolidation zone and the 50-day MA, creating strong confluent support. Intermediate supports emerge at $28.38 (recent swing low) and the 38.2% level ($27.17), which converges with the 100-day MA. The breakout above $31.50 (61.8% projection of prior rally) opens technical path to $35.50 (100% extension).
Confluence & Divergence
Significant confluence exists at $29.45-$29.50, where Fibonacci 23.6%, the 9/17 Hammer close, and the 50-day MA converge – making this level critical support. The MACD/price divergence deserves monitoring: price made higher highs from 9/12-9/19 while the MACD histogram failed to exceed its 9/12 peak – a subtle early warning of decelerating momentum despite KDJ extremes. However, the volume-backed breakout and moving average alignment currently outweigh these concerns, suggesting pullbacks remain buyable with protective stops below $29.45.