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Newmont Mining Set to Possibly Pullback After Yesterday's Rally of 1.77%

By Shiri Gupta

Newmont Mining (NYSE:NEM) traded in a range yesterday that spanned from a low of $35.20 to a high of $36.22. Yesterday, the shares gained 1.8%, which took the trading range above the 3-day high of $35.79 on volume of 4.7 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 $29.06 to $39.19 and is now at $36.12, 24% above that low. Over the past week, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has remained constant.

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: rebounders newmont mining

Ticker(s): NEM