After Yesterday's Rally of 1.95% Shares Could Potentially Pullback
Newmont Mining (NYSE:NEM) traded in a range yesterday that spanned from a low of $42.66 to a high of $43.73. Yesterday, the shares gained 1.9%, which took the trading range above the 3-day high of $42.81 on volume of 3.9 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
Over the past year, Newmont Mining has traded in a range of $15.39 to $43.67 and is now at $43.66, 184% 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.
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 23.3%. We continue to monitor NEM for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
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