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NEWMONT CORPORATION

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NEM trade ideas

Newmont Corporation (NEM) Bearish DivergenceA Reaction low formed after testing the Upper Bollinger Band and the (Resistance area of 19 September 2011) ,We then seen a Test of Support (Middle of Bollinger Band) and (Previous Local Resistance), found support there and moved up to test the Upper Bollinger Band, exceeding the previous high but Rejecting the test of the upper Bollinger Band (Also being The High from 07 November 2011) causing a reaction low to find and test a (New Low)
NYSE:NEM
by monkreet
NEM buy the dip, don't buy falling knives.So, NEM has been rejected and made a nice retrace already. What we need to do is monitor closely now and do the following. We need to look for is 2 things: - Arrival at a significant level of support. - Signs of reversal at this support like; bullish divergence , engulfing candles, large wicks, big volume on bounce, falling wedge , inverted head and shoulder, etc. The 2 supports to look out for: 1. USD 59-60, the one we are currently at. Represents the 0.618 fib of the most recent impulse (black fibs) and has horizontal support. 2. USD 52-53.50, representing the 0.5 fib on the larger upward impulse since the corona crash in march (blue fibs). This area has very strong horizontal support as well, hence i'm marking the 0.5 fib rather than the 0.618 fib.
NYSE:NEM
by duco1