trendinvestorpro
Long

Newmont held a big breakout zone and looks poised for a breakout

NYSE:NEM   NEWMONT CORPORATION
NYSE: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.

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