Lower Oil Prices Creates Trade Possibility For AngloGold Ashanti (AU)
Posted: Thursday, November 19, 2009 1:48 PM EDT
By: Market Intelligence Center Staff
AngloGold Ashanti (NYSE: AU) opened at $43.59. So far today, the stock has hit a low of $42.96 and a high of $44.12. AU is now trading at $43.85, down $1.20 (-2.66%). The stock hit its 52-Week high of $46.93 earlier this month and set its 52-Week low of $13.37 last November. Gold prices are trading a bit lower today and dragging AU down as well. Gold is down $1.50 today. Profit taking has come in on AU which set a new 52 week high earlier this month, and opened a good buying opportunity. Technical indicators for the stock are and S&P does not currently have a STARS rating for AU. If you are looking for a hedged play on AU the stock seems like it could be a candidate for a January out-of-the-money bull-put credit spread below the 35 range. [ABR-Seven Summits Strategic Investments NewsBite]
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