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- 3/15/2024 -
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Newmont Mining Corp. (Hldg. Co.) (NEM) Technical Analysis

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Summary:
Weekly :Overbought sectorOversold industryStochastic signal line moved above oversold area
Daily :Stochastic has declined below the signal lineTrend support at 35.09
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It was the negative week for the Newmont Mining Corp. (Hldg. Co.) (NEM). During the week, the NEM gave back -0.03 points, or -0.09%, and closed at 33.88 on Friday, March 15, 2024. Weekly volume was 61% above average.

NEM is a member of Materials Sector. Materials is the most overbought sector. NEM is a member of Gold Industry. Gold is the sixth most oversold industry. 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 14.55% 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 price is now at the 33.31% retracement level.

Weekly Technical Indicators: [See NEM weekly technical indicators chart]
Weekly technical indicators are neutral. During the last week, weekly Lane's Stochastic signal line (%D) has moved above oversold area. Such crossover is considered a bullish 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 link to access Lane's Stochastic help.

The weekly MACD line is below its signal line since January 19, 2024. This is an indication that the medium-term trend is down. 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 35.46 on March 11, 2024. NEM gained -6.04 points, or -20.53%, in 12 days. The chart has formed a Symmetric Triangle chart pattern. The price is near the trend support (35.09) line. The support is usually stronger when technical indicators are oversold. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with price testing the trend support line in a short-term trend.

Daily Technical Indicators: [See NEM daily technical indicators chart]
Daily technical indicators are neutral. During the last week, daily Lane's Stochastic main line (%K) has declined below the overbought signal line (%D). Such crossover is considered a bearish signal.

The daily MACD line is above its signal line since February 29, 2024. This is an indication that the short-term trend is up.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 73.74
Williams' Percentage Range (W%R) 32.80
Lane's Stochastic (%D-Slow) 67.37
Greed/Fear Indicator (GFI) 69.44
Moving Average Converg./Diverg. (MACD) -0.26
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 35.64
Williams' Percentage Range (W%R) 69.70
Lane's Stochastic (%D-Slow) 21.77
Greed/Fear Indicator (GFI) 30.62
Moving Average Converg./Diverg. (MACD) -1.82
Trading Signals
Description Value Chart
Upper Bollinger Band 36.64
Weekly Trendline Support 35.09
Daily Stochastic Crossing 34.63
50 Day Moving Average 34.24
Price 33.88
Weekly Trendline Resistance 33.80
Parabolic System 33.36
20 Day Moving Average 32.75
Weekly Stochastic Crossing 31.20
Lower Bollinger Band 30.22
Sector and Industry
Description Name Rank
Sector Materials 10
Industry Gold 6
Daily Trend
Description Value
Direction Down
Chart Pattern DownTrend
High 34.63
High Date 03/13/2024
Low 33.37
Low Date 03/15/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Symmetric Triangle
Status Test Support
Resistance 33.80
Support 35.09
Low 29.42
Low Date 02/28/2024
High 35.46
High Date 03/11/2024
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 42.81
High Date 12/22/2023
Low 29.42
Low Date 02/28/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 60.08
High Date 01/24/2023
Low 29.42
Low Date 02/28/2024
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 86.37
High Date 04/18/2022
Low 29.42
Low Date 02/28/2024
Warning: TheGreedyTrader.com presents weekly analysis. Technical indicators and trend parameters are calculated for the close of business day indicated on the top right corner of the screen.