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

By James Quinn

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 $33.94 and $34.29 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.

Newmont Mining Corporation acquires, explores, and develops mineral properties. The Company produces gold from operations in the United States, Australia, Peru, Indonesia, Ghana, Canada, New Zealand and Mexico. Newmont also mines and processes copper in Indonesia.

Newmont Mining share prices have moved between a 52-week high of $46.07 and a 52-week low of $15.39 and are now trading 121% above that low price at $33.94 per share. Over the past week, the 200-day moving average (MA) has gone up 1.3% while the 50-day MA has advanced 2.3%.

Potential upside of 16.5% exists for Newmont Mining, based on a current level of $33.94 and analysts' average consensus price target of $39.52. The stock should find initial support at its 50-day moving average (MA) of $28.52 and further support at its 200-day MA of $20.97.

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