Indications Suggest NYSE:NEM Could Be on the Verge of a Breakout.

Our stockscreener has identified a possible breakout setup on NEWMONT CORP (NYSE:NEM). This occurs when the stock consolidates following a significant upward movement. While the breakout outcome cannot be guaranteed, it may be worth monitoring NYSE:NEM for potential opportunities.

Zooming in on the technicals.

Every day ChartMill assigns a Technical Rating to every stock. The score ranges from 0 to 10 and is determined by evaluating multiple technical indicators and properties.

Taking everything into account, NEM scores 8 out of 10 in our technical rating. Both in the recent history as in the last year, NEM has proven to be a steady performer, scoring decent points in every aspect analyzed.

• Both the short term and long term trends are positive. This is a very positive sign.
• NEM is currently trading in the upper part of its 52 week range. The S&P500 Index however is currently trading near a new high, so NEM is lagging the market slightly.
• When comparing the yearly performance of all stocks, we notice that NEM is one of the better performing stocks in the market, outperforming 80% of all stocks. However, this relatively good performance is mostly due to a recent big move.
• NEM is an average performer in the Metals & Mining industry, it outperforms 55% of 156 stocks in the same industry.
• In the last month NEM has a been trading in the 40.32 - 44.59 range, which is quite wide. It is currently trading in the middle of this range, so some resistance may be found above.

Check the latest full technical report of NEM for a complete technical analysis.

Why is NYSE:NEM a setup?

ChartMill also assign a Setup Rating to every stock. With this score it is determined to what extend the stock has been trading in a range in the recent days and weeks. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. NYSE:NEM scores a 8 out of 10:

Besides having an excellent technical rating, NEM also presents a decent setup pattern. Prices have been consolidating lately. A pullback is taking place, which may present a nice opportunity for an entry. There is a resistance zone just above the current price starting at 43.75. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 41.97, a Stop Loss order could be placed below this zone. Very recently a Pocket Pivot signal was observed. This is another positive sign.

Trading setups like NYSE:NEM

To potentially initiate a trade, it is common practice to wait for the stock to break out of the consolidation zone. This breakout signifies a potential upward movement, and traders may enter the stock at that point. Conversely, if the stock falls back below the consolidation zone, it may be sold at a loss.

Please note that this article should not be construed as trading advice. The information provided is solely based on automated technical analysis and serves to highlight technical observations. It is important to conduct your own analysis and make trading decisions based on your own judgment and responsibility.

More breakout setups can be found in our Breakout screener.

Keep in mind

This article should in no way be interpreted as advice. The article is based on the observed metrics at the time of writing, but you should always make your own analysis and trade or invest at your own responsibility.