In the daily bar chart of NEM, below, we can see a choppy, mostly sideways trading range for this stock but in May the chart starts to blast higher, including an upside gap in June. The slopes of both the 50-day moving average and the 200-day moving average have turned positive with the 50-day crossing above the 200-day line for a bullish golden cross.
Over the past twelve months the On-Balance-Volume (OBV) line rose from September to April but quickly declined in April. The OBV line began its rise again in June and tells us that buyers are more aggressive again.
The Moving Average Convergence Divergence (MACD) oscillator has narrowed toward a potential downside crossover but it could be reversed if prices continue to rally.
In the three-year weekly bar chart of NEM, below, we can see a much larger sideways pattern. A weekly close above $42 will be a major upside breakout. NEM is above the rising 40-week moving average line.
The weekly OBV line is also close to breaking above a significant upside peak. The MACD oscillator is back above the zero line for an outright buy signal.
In this Point and Figure chart of NEM, below, we can see an upside price target of $55 being projected. A trade at $39 will refresh the uptrend.
Bottom-line strategy: No exposure to precious metals yet? Consider going long NEM at current levels, risking a close below $36 and look for gains to the $55 area in the weeks and months ahead.