CommoditiesTrader
Long

Potential Double Bottom Breakout (Long only on breakout close)

NYSE:NEM   NEWMONT MINING CORP
Newmont Mining             ( NEM             ) is consolidation within a sideways channel after making a clustered double bottom. Volume has dropped off as the trading session nears its end, but price action remains rather positive.

The 4H chart shows that price has been able to breach resistance at $20.28, which is just more supporting evidence that a breakout close is needed to confirm the breakout and not get sucked into a false break.

A close above the channel will help price trend to $20.77, on it's way to challenge the 200-4H EMA.

Additional topside projections are at $21.46 and $22.01, while downside support on a channel reject are at $19.60 and $18.75 before testing the bottom of the channel.

As always, confirmation is key. Failure to do so automatically scraps trade idea until a new set-up presents itself. The GDX             has similar price formation and is trading off of resistance. The mining sector ETF could provide a leading indicator, but it's not indicative of single stock performance.
jangseohee
2 years ago
it would be good for weekly to have double bottom
+1 Reply
CommoditiesTrader jangseohee
2 years ago
True Lol. Just looking for a momentum play. Could see it at the 200-4h EMA
Reply
Price action following technicals right on. A little profit taking, expect it to continuing higher
Reply
CommoditiesTrader CommoditiesTrader
2 years ago
Target 2 of 3 hit
Reply
CommoditiesTrader CommoditiesTrader
2 years ago
Support holds channel intact
Reply
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