NEM Pivot ZoneLooking for a long here on this one. As usual, I like 3-4 month ATM calls upon a breakout above the 42 level.
NEM trade ideas
NEM - Showing strengthGold is down some $16 today and NEM is hardly down holding the break of the downtrend channel. The most recent impulse leg took out two important prior peaks and I see this to just under $42 on next move. Volume picking up and 20 day coming up through 50 day and 100 day. Looks like 50 day wants to cross back above the 100 day as well. Still has room in MACD and RSI. NEM has been in a very tight consolidation. I expect this to lead the next leg higher.
Gold Giant Teeters as S&P 500 Keeps RunningGold and gold miners like Newmont rallied over the summer when interest rates crashed. But they’ve staggered since early September and now NEM is showing some potentially bearish signals.
First, NEM wasn’t able to get back above its old highs from early 2018. Second, it’s been consolidating below both its 50- and 100-day simple moving averages. Third, it had a spinning stop candlestick back on Wednesday at those same moving averages. This may keep traders looking for a drop as long as NEM remains below the weekly high of $38.75.
The other potential problem for gold miners is the continued rally in the S&P 500 , which is staying above 3,100 today. Any further good news about Chinese trade or the economy could drive more risk appetite, and potentially hurt demand for safe-havens like NEM.
NEM - looks like a buy here?Newmont the most volatile that it's been in a long time. Earnings and revenues fell short of expectations but still better than last year. Holding at key FIB levels and bounced off the 200 day. I like this to move higher over the next couple weeks as it readies itself for the next move up.
NEWMONT GOLDCORP: strong buyIf gold is just finishing its triangle continuation pattern and ready to move higher, then NEM is a great buy!
Any options in the $39-$40 level expiring next week should do excellent, if that is the case.
Newmont held a big breakout zone and looks poised for a breakoutNYSE:NEM - The big trend reversed for NEM when the stock broke the February-April highs. This resistance zone then turned into support and held in September-October. This is a classic tenet of technical analysis: broken resistance turns support. Yes, there was an overshoot below the support zone in early August, but the stock immediately recovered. A wedge has since unfolded the last two months and this is a bullish continuation pattern. I expect a wedge breakout because the bigger trend is up, this is a bullish pattern and RSI already broke out. Momentum indicators are leading indicators and RSI is leading. A close below 38 would warrant a re-evaluation.
Like NEM hereI like this because the vol distribution says it is more likely a consolidation rather than change of trend.
NEM poised for one more push to near highs?I'm still bullish on GOLD for the next few trading days and thinking its going to attack the highs next week (and fail to breach).
In that regard, I anticipate that NEM is in an expanded flat and that wave 5 of the ending diagonal should commence Monday morning after a wave 4 overlap at $38.79.
If my analysis is correct, NEM will bottom after this quick overlap and make its way higher, peaking between the 2 recent highs of $41.62 and the yearly high of $41.08, which occurred on August 28.
Stay tuned.
Comments appreciated.
Benji Miller
GOLD/NEW: projecting 1 more push higher before the big sell-offI'm still projecting one more push higher for GOLD before the steep slide down to $1,400.
With that in mind, I purchased NEWMONT GOLDCORP (NEM) $38.50 call options expiring this Friday (bought at $0.20)
I anticipate that NEW is in an ending diagonal that will rise to $39.35 or so tomorrow, fall back to touch the wave 1 high at $38.79, and then push to the $40+ level in wave 5 by the end of this week.
Let's see what happens...
NEM - time to shine?Interesting chart here. Hasn't been as volatile as the rest of the miners (see GDX post). Looks like it wants to stay above the downtrend line and starting to coil. I like this for an upside breakout!
NEM share prices extended its run to the upside up 3.30%NEM - Newmont Goldcorp share prices extended its run to the upside after breaking out of a critical support price level at 40.00 and hit 40.75 from time of reporting up 3.30%. Share prices currently float around 40.90, a vital resistance price point which it needs to break through to continue to its next target at approximately 41.60.
It is wise for traders/Investors to park some money in Gold stocks to hedge their position in times of financial market crisis. The current support levels are estimated at 40.10, 39.60, 38.95, 38.00, and 37.20
Newmont Gold stays green on a horrific day.On a horrendous day in the markets NEM managed to stay in the green yesterday, such strength can't be ignored as there was a rush for anythings linked to gold. They only issue is that the market is so unpredictable that if you're not in it now, a change in market sentiment could really hurt the miners.
It going long stop losses need to be tight or possible wait for the $40 mark to break, which has held as strong resistance for 2 years.
AVERAGE ANALYSTS PRICE TARGET $43
AVERAGE ANALYSTS RECOMMENDATION OVERWEIGHT
P/E RATIO
SHORT INTEREST 3%
COMPANY PROFILE
Newmont Goldcorp Corp. is a gold producer, which engages in the production of gold. It operates through the following geographical segments: North America, South America, Australia, and Africa. The North America segment consists primarily of carlin, phoenix, twin creeks and long canyon in the state of Nevada and Cripple Creek and Victor in the state of Colorado, in the United States. The South America segment consists primarily of Yanacocha in Peru and Merian in Suriname. The Australia segment consists primarily of Boddington, Tanami and Kalgoorlie in Australia. The Africa segment consists primarily of Ahafo and Akyem in Ghana. The company was founded by William Boyce Thompson on May 2, 1921 and is headquartered in Greenwood Village, CO.$
prophetic dreamsat resistance, one of the largest distributions within GDX. can she do it. with a dovish fed i say yes
Gold has been struckThis video is about XAUUSD physical gold price and some gold stocks! Physical gold looks like it will go up another 12 percent but the stocks look like A 30-40% move is on its way!
NEM Rubberband SnapbackNEM is now on its 5th-6th up day, making it overextended and overbought. It was breached the top layer of the bollinger band and is at about 98 out of 100 on the stochastics chart. These all combined lead me to believe we will see a retracement for the next several days in NEM until its moving averages catch up around the 32.85 to 33.30 mark for a short play with 3-5% profit potential.
