Emerging Sell For Newcrest

This story features NEWCREST MINING LIMITED. For more info SHARE ANALYSIS: NCM

By Nick Linton-Ffrost

Emerging Sell

We suspect Newcrest Mining ((NCM)) will find a near term top around 10.20/10.30 before another leg lower to 9.40.

Our wave count view assumes the last two weeks trading is a 4th wave rally within a five wave decline from 11.50. We suspect the 4th wave  is tracing out a minor “abc” count which has turned the odds in favour of a 5th wave move south to 9.40.

Trading below 9.90/10.00 should be enough to trigger a sell but really needs to occur within the next two days, while trading above 10.40 for more than 2 days negates our view.

Trading tactics

Open shorts with a close below 9.90 or after two closes below 10.00. Place stops at 10.35 and look for a move to 9.40/9.50.
 

Another trading idea from

Fifth Wave | fwtc.com.au                                               

FW generates over 150 Trading Alerts on the ASX100 each year. We are a subscription service specialising in short term technical strategies based on 27 years experience.

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