(Premium) January Materials Outlook

Within the Materials sector, Air Products and Linde both have favorable setups. For APD, we want to be long with a target of 365 if the stock is above 310.

Linde is still battling its January 2022 highs, but if it breaks above 350, we think it’s headed to 470.

Newmont is liking the recent strength in precious metals. The longer-term trend for this miner is still down, but it could easily touch 54 in the near-term. If the stock is above 54, it’s probably doing so in an environment of continued rallies in gold and silver, and we’d look for NEM to get back to former highs near 80.

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