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- 4/5/2024 -
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Newmont Mining Corp. (Hldg. Co.) (NEM) Technical Analysis
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| Summary:
| | Weekly :   | | Daily :
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| | It was a second consecutive positive week for the Newmont Mining Corp. (Hldg. Co.) (NEM). During the week, the NEM gained 3.81 points, or 10.63%, and closed at 39.65 on Friday, April 5, 2024. Weekly volume was 50% above average.
NEM is a member of Materials Sector. Materials is the most overbought sector. Sector/industry rotation is considered a proven strategy to beat the market. Use the following links to find overbought/oversold technical indicators by Sector or by Industry.
 Long-term trend: [See NEM long-term trend chart]
A long-term downtrend had started on January 24, 2023 at 60.08 and reached 29.42 on February 28, 2024. NEM lost 30.66 points, or 51.03%, in 57 weeks. The price is now at the 33.37% retracement level.
 Medium-term trend: [See NEM medium-term trend chart]
A medium-term downtrend had started on December 22, 2023 at 42.81 and reached 29.42 on February 28, 2024. NEM lost 13.39 points, or 31.28%, in 9 weeks. The chart has formed a Symmetric Triangle chart pattern. The downtrend resistance line (36.13) is broken. Usually a broken resistance is considered to be a long-term bullish signal, but since daily indicators are overbought a short-term pull back is possible. NEM may retest the broken resistance line. It is considered to be a support line now. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend resistance line in a medium-term trend.
 Weekly Technical Indicators: [See NEM weekly technical indicators chart]
Weekly technical indicators are neutral.
During the last week, weekly MACD line has moved above its signal line. Such crossover is considered a bullish signal. Use the following link to access a MACD help.
 Short-term trend: [See NEM short-term trend chart]
A short-term uptrend had started on February 28, 2024 at 29.42 and reached 39.92 on April 5, 2024. NEM gained -10.50 points, or -35.69%, in 37 days. Price is near the trend high.
 Daily Technical Indicators: [See NEM daily technical indicators chart]
Daily Relative Strength Index is overbought while Lane's Stochastic is strongly overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Relative Strength Index or strongly overbought daily Lane's Stochastic. Daily MACD has bearish divergence. Use the following links to access the MACD help, or use the Technical Stock Screener to see the list of stocks with daily MACD bearish divergence. The divergence between price and indicator is considering one of the most important buy/sell stocks trading signal. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following links to access Lane's Stochastic and Relative Strength Index help.
The daily MACD line is above its signal line since February 29, 2024. This is an indication that the short-term trend is up.
The price has closed on Friday above the upper Bollinger Band. It is considered a bullish signal. The Bollinger Bands are often used with a non-oscillator indicator like chart patterns or a trendline. The signals are considered more reliable if these indicators confirm the recommendation of the Bollinger Bands. Use the following links to access the Bollinger Bands Help, or use the Technical Stock Screener to see the list of stocks with the price above the Upper Bollinger Band or below the Lower Bollinger Band.
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