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

By James Quinn

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 $43.37 and $43.50 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.

In the past 52 weeks, Newmont Mining share prices have been bracketed by a low of $29.77 and a high of $44.08 and closed yesterday at $43.82, 47% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.8% while the 200-day MA has risen 0.4%.

Newmont Mining (NYSE:NEM) has potential upside of 0.9% based on a current price of $43.82 and analysts' consensus price target of $44.20. The stock should find initial support at its 50-day moving average (MA) of $40.22 and further support at its 200-day MA of $37.59.

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

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 10.9%. 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