March 3, 2010
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.
Disclosure: No positions