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Newmont Mining Set to Possibly Rebound After Yesterday's Selloff of 4.37%

By Shiri Gupta

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.

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.

Newmont Mining share prices have moved between a 52-week high of $46.07 and a 52-week low of $15.39 and are now trading 169% above that low price at $41.35 per share. Over the last five market days, the 200-day moving average (MA) has gone up 1.3% while the 50-day MA has advanced 2.3%.

Keywords: rebounders newmont mining

Ticker(s): NEM