Look for Shares of Newmont Mining to Potentially Rebound after Yesterday's 4.37% Sell Off
Newmont Mining (NYSE:NEM) traded in a range yesterday that spanned from a low of $41.23 to a high of $42.50. Yesterday, the shares fell 4.4%, which took the trading range below the 3-day low of $43.06 on volume of 4.0 million shares. Often times after large one-day declines, short-term traders may play for some degree of mean reversion.
Over the past year, Newmont Mining has traded in a range of $15.39 to $46.07 and is now at $41.35, 169% 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 24.7%. We continue to monitor NEM for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
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