Newmont (NGT-T, Monday’s close $98.61) had a sharp decline from $86.36 in April 2022 to $37.45 in November (A-B), a recovery rally to $57.08 in January 2023 (C) and then settled in a wide trading range mostly between $32 and $58 (dashed lines). The recent rise above the top of this range signaled a breakout and the start of a new uptrend toward higher targets (D).
Behaviour indicators including the rising 40wMA and the rising trendline (solid line) confirm the bullish status. Newmont is becoming overbought as it rises farther above the average; a minor pullback toward $62 would provide a better entry level. Only a sustained decline below $57-58 would be negative.
Point & Figure measurements provide targets of $74 and $79. The large trading range (dashed lines) supports higher targets.
stock
Monica Rizk is the Senior Technical Analyst of the Phases & Cycles publication (www.capitalightresearch.com). Chart source: www.decisionplus.com