Newmont Hits Trend, Heads Lower

It’s about two hours after the open.

Newmont (NEM) has already tested upward into its trend-line.

Then, it reversed and makes a new daily low.

Not good for the bullish case.

The daily chart shows three hits on the right side line as well as a possible trading channel.

It seems hard to believe. It looks like NEM has seen its highs for the year and possibly much longer.

As always, anything can happen.  It’s still very early in the session and there could be a reversal … although a low probability.

Stay tuned.

Charts by StockCharts

Note:  Posts on this site are for education purposes only.  They provide one firm’s insight on the markets.  Not investment advice.  See additional disclaimer here.
%d bloggers like this: