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Possible Bearish Inside Day Candle Pattern Detected for Newmont Mining (NYSE:NEM)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Newmont Mining (NYSE:NEM) based on the price action in the company's shares. Yesterday's price range of $43.25 and $43.38 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Newmont Mining may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Newmont Mining Corporation acquires, explores, and develops mineral properties. The Company produces and markets gold and copper. Newmont Mining serves customers worldwide.

Potential upside of 5.0% exists for Newmont Mining, based on a current level of $42.10 and analysts' average consensus price target of $44.20. The stock should discover initial support at its 50-day moving average (MA) of $39.79 and subsequent support at its 200-day MA of $37.38.

In the past 52 weeks, shares of Newmont Mining have traded between a low of $29.77 and a high of $44.08 and closed yesterday at $42.10, which is 41% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.6% while the 200-day MA has risen 0.3%.

SmarTrend recommended that subscribers consider buying shares of Newmont Mining on December 3rd, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $39.25. Since that recommendation, shares of Newmont Mining have risen 10.1%. We continue to monitor NEM for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle newmont mining

Ticker(s): NEM