Since dropping to a 10-month low last week at $18.75, shares of Newcrest have lifted over 4% as the price of gold has stabilized.
It’s worth noting that NCM posted a 2% increase in revenue and a 16% rise in underlying profit in their FY18 results last month.
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NCM is still under an ALGO buy signal and was added to our ASX Top 100 portfolio on July 19th at $20.05.
We still prefer the long side of NCM and see initial resistance in the $22.35 area over the medium-term.
Newcrest
