Thu Sep 6th 2007
Newmont Mining in Double-Bottom Pattern
By Mike Paulenoff, www.MPTrader.com
We highlighted Newmont Mining (NYSE: NEM) 8 days ago at 41.72. Aside from the fact the NEM has climbed 6% since the 8/28 read, let's notice that today's thrust from 43 to over 44 occurred immediately after the price structure hurdled the 200 DMA (42.82), which also has propelled NEM above its prior rally peak of 44.05 on 7/24…leaving behind a big "W" pattern (Double Bottom). A sustained climb above 44 will trigger upside potential off of the Double Bottom towards the 48-50 target zone.
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