1/24/2019 – $NEM

Stock Overview: Newmont Mining got crushed when it announced it would be buying Goldcorp. After dropping the stock has made 6 consecutive days of higher lows.

Market Overview: The market has been choppy with the price of gold stabilizing just under $1,300

Technicals: The stock opened up red and immediately went lower despite a relatively unch spot gold price.

Trade: The trade was relatively simple. Buy calls at bottom support risking the previous days (Wednesday) LOD ($31.73). Bought the weekly $30 strike calls for 1.88 with the stock trading at 31.88.

Summary: Great entry on second test of the support line. Again, risking prior days LOD. Entry was 31.88 stock made a LOD 31.84. Exit was a bit early. Paid too much attention to the spot gold price. Also should have re-entered $32 risking LOD 31.84 for a double dip.

Result: +.19 contract

 

Here is what the intraday & daily candles looked like….

 

Trade Plan
Stop:$31.69
Entry: $31.88
Target: $32.15

Actual Exit: $32.07

Risking .19 to make .27

 

1 Year Trend: Bearish
200 day: Below
100 Day: Below
50 Day: Below
Weekly Candle Low: 30.67
Weekly Candle High: 33.49
Average Daily Volume: 6.67 M
Opening 10 Min Volume: 222 K
52 Week High: 42.04
52 Week Low: 29.16
Short Interest: 2.95%