We highlighted Newmont Mining (NEM) 8 days ago at 41.72. Aside from the fact the NEM has climbed 6% since the August 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.



Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com, a real-time diary of his technical chart analysis and trading alerts on all major markets. For more of Mike Paulenoff, sign up for a free 15-Day trial to his MPTrader Diary by clicking here.