NEM runs into sellers again around 41.86

Newmont Mining Corp. (Hldg. Co.) (NEM) Technical Analysis Report for Apr 16, 2018

Highlights

NEM runs into sellers again around 41.86
NEM closes within previous day's range

TQ Sentiment

Report Sentiment: 33% Bearish
Technical Forecast:

Overview

NEM ended Monday at 41.42 edging lower $0.18 (-0.43%). Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.

Daily chart for NEM

Volatility

Monday's trading range was $0.74 (1.77%), that's slightly below last trading month's daily average range of $0.80. Things look different on a weekly scale, where volatility is way above the markets average with the monthly volatility being above average.

Price Action

During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar.

Support/Resistance

Prices are trading close to a key support level at 40.87. Prices are trading close to the key resistance level at 41.98. After having been unable to move above 41.98 in the previous session, the share ran into sellers again around the same price level today, failing to move higher than 41.86.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Order Flow

Buying might speed up should prices move above the nearby swing high at 41.98 where further buy stops could get triggered.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being very bullish.

Market Conditions for Newmont Mining Corp. (Hldg. Co.)

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