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Newmont Mining (NEM) Crosses Pivot Point Support at $38.42

By Shiri Gupta

Newmont Mining (NYSE:NEM) has opened bearishly below the pivot of $38.72 today and has reached the first level of support at $38.42. Analysts will be watching for a cross of the next downside pivot targets of $37.92 and $37.12.

Newmont Mining has overhead space with shares priced $38.94, or 11.9% below the average consensus analyst price target of $44.20. The stock should find initial support at its 50-day moving average (MA) of $38.85 and further support at its 200-day MA of $35.64.

Newmont Mining share prices have moved between a 52-week high of $41.23 and a 52-week low of $29.06 and are now trading 34% above that low price at $38.94 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.3% while the 200-day MA has risen 0.3%.

SmarTrend is tracking the current trend status for Newmont Mining and will alert subscribers who have NEM in their portfolio or watchlist when shares have changed trend direction.

Keywords: pivot alerts newmont mining

Ticker(s): NEM