Our ALGO engine triggered a buy signal on Newcrest Mining at $21.90 yesterday.
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The recent slide in Spot Gold prices has impacted domestic Gold producers unevenly. Shares of the smaller firms like SBM, EVN and SAR have held their value and even firmed over recent sessions relative to NCM.
We believe that NCM’s recent sale of its 89.9% stake in Bonikro mine in Cote d’Ivoire has caused some short-term pressure to the share price value investors will support the share price in the $21.80 area.
The current momentum indicators are in oversold territory and the ALGO engine flagged the “higher low” formation based on the October lows near $20.90.
As the price of Spot Gold moves back into the $1300 area, we expect NCM shares to move back into the high $24.00 handle.
Newcrest
