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

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Newmont Mining (NYSE:NEM) based on the price action in the company's shares. Yesterday's price range of $33.28 and $33.28 is within the prior day'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. Traders and investors interested in shares of Newmont Mining may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

There is potential upside of 32.8% for shares of Newmont Mining based on a current price of $33.28 and an average consensus analyst price target of $44.20. The stock should run into initial resistance at its 50-day moving average (MA) of $33.66 and subsequent resistance at its 200-day MA of $33.80.

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

Newmont Mining share prices have moved between a 52-week high of $41.98 and a 52-week low of $29.06 and closed yesterday at 15% above that low price at $33.28 per share. The 200-day and 50-day moving averages have moved 0.26% lower and 0.23% lower over the past week, respectively.

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 5.1%. We continue to monitor NEM for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle newmont mining

Ticker(s): NEM