(Premium) December Materials Outlook

The Materials sector is back into the low-end of a multi-year consolidation range, and its above its summer highs. There’s definitely more good than bad here, but given the sector’s propensity for failed moves, we want to see a bit more evidence that it can maintain this level before jumping on the bandwagon.

Gold miners present a favorable opportunity, especially given what we’re seeing in the precious metals space. We can target 53 for Newmont, with clearly defined risk at 46.

Linde is on the verge of a breakout after a choppy 2022. If it’s above the 261.8% retracement from the COVID selloff, we want to be long with a target of the 423.6% retracement at 470.

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