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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 $33.76 and $33.79 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, shares of Newmont Mining have traded between a low of $29.06 and a high of $41.98 and are now at $33.76, which is 16% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has declined 0.2%.

Newmont Mining has overhead space with shares priced $33.76, or 23.6% below the average consensus analyst price target of $44.20. The stock should hit resistance at its 200-day moving average (MA) of $33.78, as well as support at its 50-day MA of $33.66.

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 7.9%. 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