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Possible Bearish Inside Day Candle Pattern Detected for Newmont Mining (NYSE:NEM)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Newmont Mining (NYSE:NEM) based on the price action in the company's shares. Today's price range of $39.69 and $39.95 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Newmont Mining may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, Newmont Mining share prices have been bracketed by a low of $31.70 and a high of $42.04 and are now at $39.78, 25% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 0.3%.

Potential upside of 11.1% exists for Newmont Mining, based on a current level of $39.78 and analysts' average consensus price target of $44.20. Newmont Mining shares have support at the 50-day moving average (MA) of $39.63 and additional support at the 200-day MA of $38.11.

Newmont Mining Corporation acquires, explores, and develops mineral properties. The Company produces and markets gold and copper. Newmont Mining serves customers worldwide.

SmarTrend is tracking the current trend status for Newmont Mining and will alert subscribers who have NEM in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle newmont mining

Ticker(s): NEM