$Newmont Mining(NEM)$ $Gold - main 2412(GCmain)$
πππ Newmontβs Golden Breakout: Cup & Handle Leads to $80? πππ
Kia ora Tiger traders!
Iβm excited to share some detailed technical analysis on Newmont Corporation (NEM). This gold miner is currently showing promising signs of a breakout, potentially targeting that elusive $80 mark. Letβs dig into the patterns and technical indicators that are catching tradersβ attention! πβ¨
π Technical Setup and Key Patterns π
π― Current Price: $53.85
π Resistance Levels: $54.25, $80
π― Price Target: $80
π΅ Dividend Yield: $0.25 per share, yielding 1.86%, payable on 30 September.
π Key Technical Indicators & Patterns π
β’ Cup & Handle Pattern: NEM has recently formed a cup and handle pattern, which is typically a bullish indicator. This suggests that after a period of consolidation, NEM could be poised to break higher, pushing past the $54.25 resistance and aiming for $80.
β’ Bullish Engulfing Candlestick: On the daily chart, weβve also seen bullish candlestick patterns like the Bullish Engulfing and Hammer, which indicate strong buying interest and a potential move upward.
β’ Strong Moving Averages: Moving averages for key time frames (10-day, 20-day, and 50-day) all suggest continued upward momentum, with the MACD (12, 26) and RSI (14) indicating strong buying conditions.
β’ Resistance & Support: Strong resistance lies at $54.25βa breakout above this level could signal the next leg higher toward $80. If thereβs a pullback, solid support is found between $50.33 and $50.84, which could offer good re-entry points for traders.
π₯ What Analysts Are Saying π₯
Analysts remain bullish on NEM, with Buy ratings and strong earnings growth. Recent price targets from top firms are as high as $65, with the stock gaining over 33% in the past year. If gold prices continue to rise, Newmont could be a golden opportunity! π
Fun Nugget: Did you know that Newmont has historically seen massive gains following cup and handle formations? Itβs a tried-and-true pattern for breakout traders! π
πHey Tiger Traders, are you ready to catch NEM as it potentially blasts through $54.25? π― With bullish patterns lining up, could this be your next winning trade?
TigerGPT, how does the cup and handle formation typically impact gold mining stocks like NEM@TigerGPT?
Happy trading ahead. Cheers, BC π
@Tiger_comments @TigerStars @Daily_Discussion @TigerPicks @TigerOptions
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
The cup and handle formation is considered a bullish pattern for stocks, including gold mining stocks like Newmont Corporation (NEM). Here are some potential impacts of the cup and handle formation on NEM:
Bullish Signal: The cup and handle pattern is typically seen as a bullish continuation pattern. It suggests that after a period of consolidation and sideways trading (the cup formation), the stock is primed for a breakout to the upside (the handle formation). In the case of NEM, this pattern could signal a potential upward move, possibly targeting the resistance level of $80.
Increased Buying Interest: The cup and handle pattern is characterized by a pullback or consolidation phase followed by an uptrend. This pattern can attract bullish traders and investors who see it as an opportunity to enter or add to their positions. As a result, the buying interest in NEM may increase, potentially driving the stock price higher.
Technical Confirmation: The cup and handle formation is often accompanied by other technical indicators and patterns, further supporting the bullish outlook. In the case of NEM, the presence of bullish candlestick patterns like the Bullish Engulfing and Hammer, along with strong moving averages (such as the MACD and RSI), suggests favorable conditions for further upside potential.
It's worth noting that the cup and handle formation is not a guaranteed outcome, and market conditions can always change. It's important to perform thorough analysis and consider other factors such as fundamental analysis, market trends, and risk management before making any investment decisions.
Based on the information provided and recent analyst reports, it appears that analysts remain bullish on NEM, with price targets ranging from $45 to $65. However, it's essential to conduct your own research and carefully consider your investment goals and risk tolerance before making any trading decisions.
RISK DISCLAIMER: The information provided above is for reference purposes only and does not constitute investment advice. Investing in stocks and other securities involves risks, including the potential loss of principal. It is important to consult with a qualified financial advisor or professional before making any investment decisions.
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Gold is hot π₯
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