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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 $37.97 and $39.05 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.

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

Newmont Mining (NYSE:NEM) has potential upside of 16.4% based on a current price of $37.97 and analysts' consensus price target of $44.20. The stock should discover initial support at its 50-day moving average (MA) of $37.72 and subsequent support at its 200-day MA of $34.33.

In the past 52 weeks, shares of Newmont Mining have traded between a low of $29.06 and a high of $40.33 and closed yesterday at $37.97, which is 31% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has advanced 0.9%.

SmarTrend is monitoring the recent change of momentum in Newmont Mining. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Newmont Mining in search of a potential trend change.

Keywords: bullish am inside day candle newmont mining

Ticker(s): NEM