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Watch for Continued Gains in Shares of Newmont Mining (NEM)

By Nick Russo

Newmont Mining (NYSE:NEM) traded at a new 52-week high today of $38.70. Approximately 1.4 million shares have changed hands today, as compared to an average 30-day volume of 9 million shares.

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

There is potential upside of 14.5% for shares of Newmont Mining based on a current price of $38.61 and an average consensus analyst price target of $44.20. The stock should discover initial support at its 200-day moving average (MA) of $33.02 and subsequent support at its 50-day MA of $33.01.

Over the past year, Newmont Mining has traded in a range of $29.06 to $38.70 and is now at $38.61, 33% above that low. Over the last five market days, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has advanced 0.3%.

SmarTrend recommended that subscribers consider buying shares of Newmont Mining on May 31st, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $32.89. Since that recommendation, shares of Newmont Mining have risen 16.9%. We continue to monitor NEM for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: 52 week high/lows newmont mining

Ticker(s): NEM