Newcrest Mining: further advance.
[You must be registered and logged in to see this image.]
Green Lines Represent Resistance | Red Represent Support Levels | Light Blue is a Pivot Point | Black represents the price when the report was produced
Our preference: long positions above 21.80 with targets at 24.90 & 25.95 in extension.
Alternative scenario: below 21.80 look for further downside with 20.50 & 19.30 as targets.
Comment: The stock is trading above its rising the 20-period and 50-period moving averages, which play support roles and maintain the upside bias. In addition, the RSI is bullish above its neutrality level at 50 and lacks downward momentum.