Company Overview: Northern Dynasty Minerals Ltd. (TSX: NDM) is a Vancouver-based mineral exploration and development company focused on large-scale copper and gold assets. Its primary asset is the Pebble Project in Southwest Alaska, held through its wholly owned U.S. subsidiary, Pebble Limited Partnership, comprising 1,840 contiguous mineral claims located approximately 200 miles from Anchorage and 125 miles from Bristol Bay. This Report covers Price Action, Technical Indicators Analysis along with the Stop Loss Levels, Target Prices, and Recommendation on this one stock.
Canada Market Round-Up
The S&P/TSX Composite Index finished last week on a strong footing, advancing 1.72% to 32,470.98 and extending its positive momentum into February 6, 2026, supported by a 547.46-point (1.71%) weekly gain amid broad-based market participation. Strength was led by the basic materials, technology, healthcare, industrials, energy, real estate, and financials sectors, reflecting improving risk appetite across cyclicals and defensives alike. However, softness in consumer cyclicals, consumer non-cyclicals, and utilities limited the overall pace of the advance. From a technical standpoint, the index continues to display a firm bullish structure. Price remains comfortably above its rising trendline support and the 50-period Simple Moving Average (SMA), reinforcing the prevailing uptrend and signalling ongoing buying interest on pullbacks. Immediate resistance is positioned near 33,600, where a decisive breakout could fuel further upside momentum. On the downside, key support sits around 32,400; a sustained break below this level may trigger a short-term corrective pullback. The weekly RSI at 70.61 reflects strong momentum, although overbought conditions point to the potential for near-term consolidation or profit-taking before the next leg higher.
On the macro front, the upcoming major economic events that may impact the Canadian market sentiment include CA Building Permits m/m, US Non-Farm Employment Change and US Unemployment Claims.
Global Markets Wrap-Up
U.S. equity markets finished the week lower on February 6, 2026, as cautious investor sentiment weighed on risk appetite across major benchmarks. The Nasdaq Composite was the clear underperformer, sliding 1.84% to 23,031.21, reflecting renewed pressure on growth and technology stocks. In contrast, the Russell 2000 showed relative resilience, edging 0.70% higher to 2,689.05, supported by selective strength in small-cap names despite broader market weakness.
On the macroeconomic front, labour market data added to investor caution. The U.S. Department of Labor reported that seasonally adjusted initial jobless claims increased by 22,000 to 231,000 for the week ended 31 January 2026, up from a revised 209,000 the previous week.
Taking into the US market's performance over the last week, following the major global macros and data front, based on the technical analysis of the S&P/TSX Composite Index, the one TSX listed stock fit the maximum criteria on the technical framework. The recommendations are based on the generic insights, entry price, target prices, and stop-loss for Northern Dynasty Minerals Ltd. (TSX: NDM) for the next 2-4 weeks.
Northern Dynasty Minerals Ltd. (TSX: NDM)
Price Action Analysis (On the Daily Chart)
On the daily chart, NDM continues to trade above its rising trendline support, signalling sustained buying interest at current levels. The recent rebound, supported by a pickup in trading volume, highlights strengthening bullish momentum and improving investor participation. If this positive bias is maintained over the next 2–4 weeks, the stock appears well positioned to retest immediate resistance near CAD 3.18. A decisive breakout above CAD 3.45 would confirm continuation of the broader uptrend and open the door to further near-term upside.
Technical Analysis (On the Daily Chart)
On the daily chart, the 14-period Relative Strength Index (RSI) at 49.35 is recovering from lower levels, indicating stabilising momentum with scope for further recovery if buying interest continues to strengthen. Weekly trading volumes have remained consistently firm, reinforcing this view through steady investor participation and healthy market activity. However, the stock continues to trade below its 21-period Simple Moving Average (SMA), which is acting as dynamic resistance
General Recommendation:
As per the above-mentioned price action and technical analysis, Northern Dynasty Minerals Ltd. is looking technically well-placed on the chart, and a ‘Speculative Buy’ recommendation has been given on the stock. Investment decisions should be made depending on an individual’s appetite for upside potential, risks, and any previous holdings. This recommendation is purely based on technical analysis, and fundamental analysis has not been considered in this report. Below is the summary of our recommendation.
Upcoming Major Global Economic Events
Market events occur on a day-to-day basis depending on the frequency of the data and generally include updates on employment, inflation, GDP, consumer sentiments, etc. Noted below are the upcoming week's major global economic events that could impact the S&P/TSX Composite Index and listed stocks' prices.
Related Risks: This report may be looked at from high-risk perspective and recommendations are provided are for a short duration. Recommendations provided in this report are solely based on technical parameters, and the fundamental performance of the stocks has not been considered in the decision-making process. Other factors which could impact the stock prices include market risks, regulatory risks, interest rates risks, currency risks, social and political instability risks etc.
Note 1: Individuals can consider exiting from the stock if the Target Price or Stop loss mentioned as per the technical analysis has been achieved and subject to the factors discussed above.
Note 2: How to Read the Charts?
The Green color line reflects the 21-period moving average, while the Red color line indicates the 50-period moving average. SMA helps to identify existing price trend. If the prices are trading above the 21-period and 50-period moving average, then it shows prices are currently trading in a bullish trend.
The Black color line in the chart's lower segment reflects the Relative Strength Index (14-Period), which indicates price momentum and signals momentum in trend. A reading of 70 or above suggests overbought status, while a reading of 30 or below suggests an oversold status.
The Blue color bars in the chart's lower segment show the volume of the stock. The volume is the number of shares that changed hands during a given day. Stocks with high volumes are more liquid than stocks with lesser volume. Liquidity in stocks helps in easier and faster execution of the order.
The Orange color lines are the trend lines drawn by connecting two or more price points and used for trend identification purposes. The trend line also acts as a line of support and resistance.
Technical Indicators Defined: -
Key Risks: Technical indicators are backward-looking and may generate false or lagged signals, particularly during volatile or changing market conditions. Price trends may also be disrupted by fundamental, macroeconomic, or company-specific developments not captured in charts.
Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.
Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.
Stop-loss: It is a level to protect further losses in case of unfavorable movement in the stock prices.
Risk Reward Ratio: The risk reward ratio is the difference between an entry point to a stop loss and profit level. This report is based on ~80% Stop Loss of the Target 1 from the entry point.
A trailing stop-loss is a modification of stop-loss in case of favourable movement in the price to protect the gains. Individuals can Trail the Stop-Loss as per the aforementioned levels if the stock price achieves more than 50% of the Target 1. individuals should consider exiting from the position as per the Trailing Stop-Loss level if the price starts moving downwards after achieving more than 50% of the Target 1.
The reference date for all price data, currency, technical indicators, support, and resistance levels is February 09, 2026. The reference data in this report has been partly sourced from REFINITIV.
Abbreviations
CMP: Current Market Price
SMA: Simple Moving Average
CAD: Canadian Dollar
RSI: Relative Strength Index
Note: Trading decisions require a thorough analysis by individuals. Technical reports in general chart out metrics that may be assessed by individuals before any stock evaluation. The above are illustrative analytical factors used for evaluating the stocks; other parameters can be looked at along with additional risks per se. Past performance is neither an Indicator nor a guarantee of future performance.
Past performance is not a reliable indicator of future performance.
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