514-393-3653 info@phases-cycles.com

globe-and-mail-logo

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

Copyright 2017 The Globe and Mail Inc. All Rights Reserved.