Newmont Mining (NEM) leads miners with strong bullish momentum
|Newmont Mining Corporation (NEM) is a leading global gold mining company. It stands as one of the largest producers of gold, with operations spanning North and South America, Africa, Australia, and Asia. This article looks at the Elliott Wave Outlook for the stock.
Newmont monthly Elliott Wave chart
Newmont Mining (NEM) is riding a powerful bullish wave, as shown in its monthly Elliott Wave chart. The chart signals a breakout to a new all-time high. The stock completed wave ((II)) of the Grand Super Cycle at $12.75 in September 2000, setting the stage for a dynamic nested impulse. Wave (I) surged to $62.72, followed by a wave (II) pullback to $15.39. Now, wave (III) is driving higher, with wave I reaching $86.37 and wave II correcting to $29.42. As long as NEM stays above $15.39, the rally is likely to gain further momentum.
Newmont daily Elliott Wave chart
The daily Elliott Wave analysis for Newmont Mining (NEM) reveals a structured progression in its price movement. Having completed its wave II correction at $29.03, the stock has embarked on an upward trajectory in wave III. From the wave II low, the initial advance in wave (1) reached a high of $58.72. A retracement in wave (2) followed to $36.86. Provided the critical support level at $29.03 remains intact, Newmont Mining is well-positioned to sustain its upward momentum, advancing further within the framework of wave III.
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