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

By James Quinn

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. Today's price range of $39.76 and $40.55 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. 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.

In the past 52 weeks, Newmont Mining share prices have been bracketed by a low of $15.39 and a high of $41.68 and are now at $40.42, 163% above that low price. The 200-day and 50-day moving averages have moved 1.31% higher and 2.33% higher over the past week, respectively.

Newmont Mining (NYSE:NEM) is currently priced 44.1% above its average consensus analyst price target of $22.61. 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.

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.

SmarTrend recommended that subscribers consider buying shares of Newmont Mining on June 3rd, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $34.60. Since that recommendation, shares of Newmont Mining have risen 13.6%. We continue to monitor NEM for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish inside day candle newmont mining

Ticker(s): NEM