Newmont Mining Corp (NYSE: NEM) In
Rally Mode Says Market Timer Frank Kollar
March 3, 2010 (FinancialWire) (By Frank Kollar)
Shares of Newmont Mining Corp (NYSE: NEM) have been in
rally mode since pulling back some 24% in a strong December
to January correction.
Importantly, the new rally has reached and surpassed a
critical resistance level at $51.23 in trading on Tuesday,
March 2. This is the 61.8% retracement of the entire December
to January decline and if surpassed, forecasts a run to
the prior high in our chart work.
The prior closing high was at $55.83 on December 2, 2009.
That is now the target for this rally.
If $55.83 is surpassed, Newmont Mining could reach the
$65 level assuming the metals markets stay strong in coming
months.
Kollar is editor and chief analyst at FibTimer.com (http://www.fibtimer.com)
which offers market timing strategies for S&P and
Nasdaq index fund traders, as well as bond, gold, small
cap, sector, ETF and stock trading strategies.
Kollar’s research has shown
that the financial markets are in tradable trends approximately
80 percent of the time. FibTimer strategies define trends
and trade them in both advancing and declining markets.
Caring nothing about what newscasters say or what the
latest economic indicator predicts, trends are where
the profits are, and that is where FibTimer is.
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