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

By Shiri Gupta

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 $31.45 and $32.54 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 $29.16 and a high of $42.04 and are now at $31.49, 8% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has declined 1.4%.

There is potential upside of 40.4% for shares of Newmont Mining based on a current price of $31.49 and an average consensus analyst price target of $44.20. The stock should find initial resistance at its 50-day moving average (MA) of $31.81 and further resistance at its 200-day MA of $36.97.

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

SmarTrend recommended that subscribers consider buying shares of Newmont Mining on September 19th, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $31.39. Since that recommendation, shares of Newmont Mining have risen 4.3%. We continue to monitor NEM for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle newmont mining

Ticker(s): NEM