Upwards trend channel has established itself
The share price of gold producer Newmont (NYSE NEM) recently broke through the 200-day line and the multi-year blue downtrend line with a strong upward impulse after testing the low of USD 30 (as already indicated in the February chart check) and reached a six-month high.
Source: Comdirect
The blue upward trend channel has formed, in the middle of which the price is currently trading above the mark of USD 40, which acts as support. The recent price gap was created at a very high volume and can therefore be considered a breakaway gap (which, according to chart theory, no longer necessarily needs to be closed due to the high turnover).
Both average lines overcome
The 200-day line has almost stopped falling, while the 100-day line is fortunately already rising again, but has hardly been able to move any closer to the 200-day line.
Following a technical sell signal, the MACD indicator very quickly turned back to buy (the blue line is now back above the red line) – this signal is still valid for the time being. The trend confirmer crossed into positive territory above the mark of 100 in March – it has been rising steadily since then. The overbought/oversold indicator was overbought in the short term (value above 2.0) on the day of the price gap – the decline was just as rapid and this indicator is currently close to neutral zero at 0.5 and is running in the range in which it has oscillated slightly over the last two months. Having been almost exclusively in the green since February (with a short break in April), the Chaikin Money Flow signals a steady inflow of capital into the share.
Source: Comdirect
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