The stock is hovering just at its buy point of 30.77, ten cents above the high in a flat-base pattern that began in mid-June.

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Last week, Newmont cleared a cup-without-handle base, a pattern of strength that often precedes a new price run-up.

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The stock may be forming a cup-with-handle base, the most common pattern that winning stocks form before rallying higher.

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It then formed a big wedge, broke down in April, went flat in the May-July period, and then had an ugly 3-day decline out of the base pattern in August.

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The monetary base and various measures of the money supply followed that pattern--very slow growth for about a year then explosive growth in recent weeks.

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Its current base is somewhat awkward, but may be viewed as a sloppy double-bottom pattern.

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