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

By Amy Schwartz

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 $35.92 and $36.36 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 $36.02, 134% above that low. The 200-day and 50-day moving averages have moved 1.31% higher and 2.33% higher over the past week, respectively.

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 $36.02, Newmont Mining is currently 37.2% above its average consensus analyst price target of $22.61. The stock should discover initial support at its 50-day moving average (MA) of $28.52 and subsequent support at its 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