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6 Stocks to Sell in April

Sell these stocks to raise cash to take advantage of the broad market correction

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Stock to Sell #1 – AngloGold Ashanti Ltd. (AU)

Gold-mining stocks followed the metal to a 12-week low as a result of a disappointing Spanish bond auction and a renewed flight to the U.S. dollar. But even before that AngloGold Ashanti Ltd. (NYSE:AU) was expensive versus its peers with a price/earnings ratio at 10.37. To compare, Barrick Gold (NYSE:ABX) is at 8.67 times earnings and Anglo American (PINK:AAUKY) is at 7.46.

Technically AU broke from a consolidation in early March that had bracketed its 50-day and 200-day moving averages for over nine months. On April 4, the stock broke down on a continuation gap at $34.63, indicating that the stock will probably head lower.

However, the precious metals group is now oversold and due for a correction rally (up). Therefore, holders of AU would be wise to sell the stock on a rally.

AU Chart
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Chart Key 

Article printed from InvestorPlace Media,

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