timwest
Long

Newmont Mining NEM base building pattern

BATS:NEM   NEWMONT MINING CORP
205 1 2
The chart is showing us that NEM             has tried to base a number of times and all have failed. Each time there was a different pattern. This time we have a nice head&shoulders bottom formation.

I have noted key levels with the blue rays across the chart emanating from the price points that I think are important.

The risk-reward ratio here seems solid given the recent pullback. NEM             fell back yesterday on a tad less volume and the last 3 up days have higher volume than the last 3 down days. So, some new buyers are coming in here and pushing up the price.

Let's see how this pans out.

Cheers.

Tim 12:19PM EST, Tuesday, Jan 28, 2014
Subscribe to my indicator package KEY HIDDEN LEVELS $20/mo or a discount for a year and join in the trading room KEY HIDDEN LEVELS here at TradingView.com
This didn't work out very well, but thankfully the next trade has worked well. See my next post on NEM.
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