NMM trade ideas
NEM Daily butterfly pattern and 40 fig combination.Gold price has rallied from 1200 to 1320 within 2 months, while at the same time there were a little different story in the gold miners.
NEM showed the best relative strength to rally about 25% in the same time period ; GG was the lagger that only rose for less than 10%.
I also expect there might be a little bit catch-up play among the gold miners.
The North Korea news happened just now may lead to a gap for gold price on Monday, and probably so as these gold miners.
I WON'T turn bearish until I see any clear reversal sign, but if there is one, it might still be a good trading opportunity.
43 is the best SL as it's the gap, fig, and 1.618 extension, while if the reversal sign is strong enough,
I don't mind to use it as my out to make it easier getting my 1:1 1st kick.
Newmont Mining CorpNem broke the resistance level at 37.40 and rising up to next significant resistance at 42.
No Investment or Financial Advice
Newmont Mining CorpNem broken the resistance level at 37.40 and rising up to next significant resistance at 42.
No Investment or Financial Advice
NEWMONT MINING ANOTHER STRONG GOLD MINERFollowing up on my recent, gold and gold mining sector analysis, i am seeing in newmont mining one of my favorit gold mining stocks.
From a technical perspective the bias is clearly bullish. Also fundamentally this stock is a top sector pick, they are providing strong earnings and are in good shape.
I am looking to buy, but current levels seem expensive, another leg lower would provide great r:r.
Blessings to you all.
NEM put option 34.5 for the 7th of July
Gold about to break out to 1260 level this would push NEM to 34 + before expiry.
NEM - Looking for a breakout from $46.00 to $61.00NEM is completing a descending wedge with support at a 0.5 Fibonacci level. In the event of an upward breakout, expect to see price rise to at least $46.00 (top of wedge resistance), but possibly $61.00 if price completes an ABCD pattern.
Newmont mining going upDescending volume of selling hands; this bullish pattern shows indecision. Will go up.
NEM: Strong fundamentals, solid uptrend in placecNEM has a nice setup here, I just swapped my $ABX shares for $NEM here. Risk is $2.53 per share here, and upside is modest, until we break the earnings resistance above, but the entry is pretty safe now.
Good luck!
Ivan Labrie.
Is Newmont testing its broken trendline?Long trend that had been in play since Feb 2016 was broken and a downtrend was established in Mid August. We are reaching the intersection of those 2 trendlines. It would be interesting to watch the developments of charts for this week.
Possible Head & Shoulders FormingFirstly some fundamentals. Basic materials have dropped 4.4% in the last month and 5.7% in the last week. In this sector mining has seen a 7.83% drop in the last week and 12.49% in the last month (source finviz and stockcharts.com). This specific stock has performed worse with a weekly drop of 8.23% and 14.02% monthly. This gives an overall picture of weakness at this current point in time for this stock and industry. Going onto the chart I have firstly labelled the possible head and shoulders. Until the neckline is broken though (preferably on heavy volume that breaks the trend-line I've drawn for that) this is not a confirmed pattern. On the head I've drawn a box that incorporates a double top and a tweezer top which also has a bearish engulfing pattern. Below this a gap that doesn't get closed by the second box I've drawn on. This box is interesting in a few ways, firstly there is a moving average crossover of a 20 day MA and a 50 day MA (which is also resistance as the price on that day doesn't hold above the 50 day MA) indicating the short term trend has turned bearish. Another interesting point is that the candle is clearly a shooting star which is confirmed by a small gap down and a strong red candle after. This candle also falls on a crossover of the stochastic oscillator set at 5,3,3 with a neutral rating of 50 on the RSI. Volume has been contracting through the development of the possible head and shoulders and the longer term stochastic has also recently crossed over indicating more downward momentum. The RSI is currently on the support zone for a bull market which has been tested on numerous occasion throughout the bull phase of this move. There was a whipsaw signal given on the previous low which gave us our neckline. The price is currently on the 100 day MA and would be a further bearish signal if it were to break this line. Upon a successful completion of a breakthrough the neckline I would expect to see the following. Firstly the 100 day MA would turn to resistance. Secondly the RSI would drop to below 30 and below the previous low. The longer term stochastic would also drop below the 20 mark which is the lower boundary in that window. The price should drop to the 0.382 Fibonacci level where there is already support. It could then retrace to the neckline/100 day MA. This should give the Stochastic and RSI a chance to come out of the oversold region before the price falls further. The RSI should not exceed 65 on this retracement. The price target for this move, derived by the head and shoulders measuring implications are shown by the vertical line. The 0.5 Fibonacci level is also a good support level very close to the price target. The 200 day MA is also currently within the price zone marked by the rectangle adding another support function. Further bearish signals are lower lows and lower highs (right shoulder), a bearish harami on the 13th of this month, a confluence resistance of 26 at 41.21 (just above the shooting star) with the next strongest support of 6 being at 31.55, we also have a bearish MACD signal not shown on this chart (stockta.com source). Any questions welcome.
NEM: Newmont Mining - Gold Remains StrongLet's review Don's TRADE-MAP approach:
TRADE = 1. T : Time and space (Fractals); 2. R : Repeating Cycles; 3. A : Advancing Trend; 4. D : Declining Trend; 5. E : Energy in Phase Forces.
.....MAP = 6. M : Momentum and Velocity; 7. A : Analysis of Structure; 8. P : Price Performance.
When I mention "Don's Top Ten Technicals", I use the elements of the "TRADE-MAP" approach:
1. The Ichimoku Cloud rising as well as the 89 day moving average . 2. Prices have risen above the cloud. 3. Prices are trading above the thick red Ichimoku Cloud Conversion line.
4. The thick red conversion line is also rising. 5. The thick black line is the Ki jun-Sen baseline of the Ichimoku Cloud , which is rising and above the cloud. 6. The indicator on the top of the page is RSI / Stochastic , and this is strong. 7. The top middle indicator is vortex and it is strong (green over red). 8. The Top (bar-type) indicator measures the "phase energy" of the stock , and this is STRONG. 9. The green fractal arrows are up (not shown). 10. Look to the far right on the chart, at about 120% ($44 per share). You will note a yellowish line on top (lips), with black dots below (teeth), and a blue line (jaw) below the black dots. Now, all three are rising, correct? This is where I ask you to use your imagination and envision these three items as the "separated jaws of a feeding alligator". This is a positive indication because the alligator is FEEDING in the uptrend.
This is also another example of an INVERSE relationship between gold-and falling yields on 10 Year T-Notes.
My advice for-NEM is to go long on a pullback.
Good luck to you. Don.
Possible failure testI see long term resistance in montly candels so if the price will not go up it is possible to go down quite a lot. Risk reword is good. But indeed failure test is not realy clean. Be carefull.
Newmont Mining ( NEM ) - weekly chart overbought.NEM is one of the darlings of gold mining stocks, it has seen a phenomenal run-up, but I expect a retracement soon. Tighten stops if you are long, new would-be buyers should wait for a better entry.
