On May 21, 2016 ($33.73), we reported a major breakout from a large Delayed Ending formation (dashed lines). Newmont Mining Corp. rallied and reached a high of $46.07 (A) before it pulled back for a much needed correction (B).
The stock traded below a falling trend-line for about one year (dotted line) to complete the correction. Recent price action above the falling trend-line signaled the resumption of the up-trend (C).
There is good support at ±$35, but only a sustained decline below ±$34 would be negative.
Point & Figure measurements provide targets of $42 and $47. Higher targets are visible.
Monica Rizk is the senior Technical Analyst and Ron Meisels is the president of Phases & Cycles Inc. (www.phases-cycles.com). And he tweets at @Ronsbriefs. They may hold shares in companies profiled.
Chart source: www.decisionplus.com
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