Judging from the way Newmont plummeted through the ‘p’ support of the bearish pattern shown, more weakness to at least 51.21, its ‘D’ sibling, appears likely. This could represent an opportunity for us in the form of a potentially low-risk entry point for a long-term position. Accordingly, if and when Newmont gets within 7 cents of the target, look to buy four June 52.5 calls for the best price possible. _______ UPDATE: Newmont is in rally mode right now, so we’ll set the trade aside for the time being.
