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Technical Analysis: NEWMONT CORPORATION (#NEM)

Newmont Corporation, based in Greenwood Village, Colorado, United States, is the world's largest gold mining company. Incorporated in 1921, it has ownership of gold mines in Nevada, Colorado, Ontario, Quebec, Mexico, the Dominican Republic, Australia, Ghana, Argentina, Peru, and Suriname.

#NEM has been trading within the channel USD 58.44 - $ 68.03 since April 2020, however it has been since November 2020 that the stock has entered a descending triangle but it is only in the last trading days that reported an interesting reversal on a strong support level.

The performance of the stock is strongly related to Gold movements and we believe there is now potential for an upside potential, at least till the downward trend line.

From a technical perspective, the RSI is leaving the low point, together with a MACD that is sloping up signalling a potential reversal.

Entry @ USD 60.12

PT. @ USD 63.00

SL. @ USD 58.00

OTB Global Investments

London, 8 February 2021

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