Buy a confirmed break above 9.85 placing stops at 9.40 looking for a move to 10.50-10.80.<\/p>\n
Otherwise short a confirmed break below 9.20 placing stops at 9.70 and looking for a move to 8.25.<\/p>\n
Rationale<\/strong><\/p>\n The rally in Newcrest Mining ((NCM)) has traced out three waves in the move up from 7.00 and has been trading in a sideways pattern for the last 6 days.<\/p>\n If this pattern is a continuation pattern a break above 9.80 indicates the move is most likely a 5th wave and last move in the rally from 7.00 and should only take a few days to achieve the 10.80 target before pulling back to 9.00.<\/p>\n Otherwise a break below 9.20 indicates a topping pattern and a confirmed trend line break implying a move to 8.25. Another trading idea from<\/strong><\/p>\n Fifth Wave |<\/strong> fwtc.com.au<\/strong><\/a> <\/p>\n FW generates over 150 Trading Alerts on the ASX100 each year. We are a subscription service specialising in short term technical strategies based on 27years experience<\/strong>.<\/strong><\/p>\n AFSL 319830 |<\/strong> Disclaimer<\/strong><\/a><\/p>\n Reprinted with permission of the publisher.<\/em> Content included in this article is not by association the view of FNArena (see our disclaimer<\/a>).<\/em><\/p>\n Technical limitations <\/strong><\/em><\/p>\n If you are reading this story through a third party distribution channel and you cannot see charts included, we apologise, but technical limitations are to blame.<\/strong><\/em><\/p>\n
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