Watch for Newmont Mining to Potentially Pullback After Gaining 3.03% Yesterday
Newmont Mining (NYSE:NEM) traded in a range yesterday that spanned from a low of $35.25 to a high of $36.13. Yesterday, the shares gained 3.0%, which took the trading range above the 3-day high of $35.65 on volume of 2.5 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 $46.07 and is now at $36.04, 134% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 2.3% while the 200-day MA has risen 1.3%.
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.
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