Tuesday, July 9, 2013
NEM Newmont Mining Weekly and Daily Charts Oversold Falling Wedges Positive Divergence Gaps
NEM was beaten down to another low this morning. Keystone bot NEM at the low print today opening a new long position. Nearly all the gold miners are in the same boat so the technical analysis here can be applied to all the other gold miner charts. The weekly and daily charts are in agreement with oversold conditions, falling wedges and positive divergence, an awesome combination pointing to a bounce and recovery moving forward. The gaps above serve as targets and the blue lines highlight key S/R. The mining and shipping sectors continue to base and develop positively, especially for traders that do not want to day trade or trade VST. The miners in general should bottom now and build on gains moving forward for the weeks and months ahead into the intermediate term. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here. Consult your financial advisor before making any investment decision.