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.
Author
Elliott Wave Forecast Team
ElliottWave-Forecast.com
