Newmont Mining (NEM) starts next bullish cycle
|Newmont Corporation (NEM), based in Denver, Colorado, is the world’s largest gold mining company. It operates across multiple continents with key mines like Brucejack and Penasquito. Listed on the S&P 500, it also produces copper, silver, zinc, and lead, employing around 42,600 people. This article looks at the Elliott Wave Outlook for the stock.
Newmont monthly Elliott Wave chart
The monthly Elliott Wave analysis for Newmont Mining (NEM) indicates a bullish trend, having surpassed the prior peak of wave ((I)) at 81.92 in September 1987. The corrective wave ((II)) concluded with a three-wave decline to 12.75, after which the stock began a new upward impulse in wave ((III)). From the wave ((II)) low, wave (I) reached 62.72, followed by a wave (II) correction to 15.39. The stock then advanced in wave I of (III) to 86.37, with wave II of (III) bottoming at 29.42. As long as the 15.39 low holds, further upside is anticipated.
Newmont daily Elliott Wave chart
The daily Elliott Wave analysis for Newmont Mining (NEM) indicates that the stock completed its wave II correction at 37.57 and has since begun advancing in wave III. From the wave II low, wave (1) peaked at 58.72, followed by a wave (2) retracement to 36.86. As long as the key support at 29.42 remains unbroken, expect further gains in the stock.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.