Mining A Profitable Trade, Newmont Mining Corp

Yesterday, Newmont Mining Corp (NYSE:NEM) filled an important gap on the charts, and came into an important trend line of support. As of late gold prices have been falling dramatically, dragging miners down with it. However, the metal as well as many of the leading miners, including Newmont Mining Corp (NYSE:NEM) are starting to set up for possible short term bottoms.

Traders and investors looking to mine profits in Newmont Mining Corp (NYSE:NEM) can go long (buy for a move higher) this equity here, while using confirmation below the rising trend line as a stop loss level. Should Newmont Mining Corp (NYSE:NEM) move up as the charts indicate, profits should be taken around the following levels; the first level of resistance at $25.00 is where you can take profits of half of your positions, and second and major level to take all profits off the table will be $25.89. The best strategy is to place a break-even stop on the trade once you reach the first target and allow the second half to run to your second target. Doing so will allow you to stay in the trade with ease, as you wait for the second target to be achieved, and it won't turn into a losing trade.

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Kiliam Lopez
Elite Round Table
Follow me on twitter @kiliamlopez