Thursday, April 02, 2009

Breakout Stock: Newmont Mining (NEM)

The mining sector has seen some solid upside in recent weeks. One of the strongest has been Newmont Mining. Yesterday's push above $46 from a bull-flag (part of a move from $34.62) should be enough to see a test of $53.77 resistance. The bull flag projection could see this move into the $56s.


The illustrated head-and-shoulder pattern brings a larger target of $67 but for now I have entered a call for a resistance test with a stop below the lows of the bull flag. You can see this call and stock chart at Zignals; free registration required.

Alternatively, you can set a Zignals Price Alert for a test and/or break of $53.77 in Newmont Mining.

Dr. Declan Fallon, Senior Market Technician, Zignals.com the free stock alerts, stock charts, watchlist, multi-currency portfolio manager and strategy builder website. Forex data available too.
 
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