KiliamL
Long

Mining A Profitable Trade, Newmont Mining Corp (NYSE:NEM)

NYSE:NEM   NEWMONT MINING CORP
79 5 2
Yesterday, Newmont Mining Corp             (NYSE:NEM) filled an important gap on the charts, and came into an important trend line of support. As of late gold             prices have been falling dramatically, dragging miners down with it. However, the metal as well as many of the leading miners, including Newmont Mining Corp             (NYSE:NEM) are starting to set up for possible short term bottoms.

Traders and investors looking to mine profits in Newmont Mining Corp             (NYSE:NEM) can go long (buy for a move higher) this equity here, while using confirmation below the rising trend line as a stop loss level. Should Newmont Mining Corp             (NYSE:NEM) move up as the charts indicate, profits should be taken around the following levels; the first level of resistance at $25.00 is where you can take profits of half of your positions, and second and major level to take all profits off the table will be $25.89. The best strategy is to place a break-even stop on the trade once you reach the first target and allow the second half to run to your second target. Doing so will allow you to stay in the trade with ease, as you wait for the second target to be achieved, and it won't turn into a losing trade.

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Kiliam Lopez
Elite Round Table
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metaldome
2 years ago
I'm not convinced this is not just consolidating for another leg down.
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KiliamL
2 years ago
Over the last few days NEM has been able to hold above the trend line even as gold continues to sell off. It is showing relative strength. That said, it needs to make a move to the upside this coming week. If it continues to consolidate sideways it has a chance of moving much lower.
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metaldome KiliamL
2 years ago
I'll be watching, I already own some from higher up. Most of the gold mines are at support or trend lines or both at the moment e.g. GG, AEM
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KiliamL metaldome
2 years ago
There is a lot of positive divergences in gold and silver. If the miners are going to move they should do it next week. We'll see how how the metals and miners trade next week. Dollar and JPY/USD into major resistance levels. This is another positive for the metals. As long as NEM does not confirm below the trend line it should get a nice move to the upside.
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2use
2 years ago
Was watching this one for a month now...and sadly it is shorting itself.
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