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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 $34.47 and $35.10 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.

Over the past year, Newmont Mining has traded in a range of $15.39 to $46.07 and is now at $34.57, 125% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 2.3% while the 200-day MA has risen 1.3%.

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.

Based on a current price of $34.57, Newmont Mining is currently 34.6% above its average consensus analyst price target of $22.61. Newmont Mining shares have support at the 50-day moving average (MA) of $28.52 and additional support at the 200-day MA of $20.97.

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 inside day candle newmont mining

Ticker(s): NEM