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Newmont Mining (NEM) Approaches New Downside Target of $44.37

By David Diaz

Newmont Mining (NYSE:NEM) has opened bearishly below the pivot of $44.87 today and has reached the first level of support at $44.47. Should the shares continue to fall, the support pivots of $44.37 and $43.87 will be of interest.

Based on a current price of $44.60, Newmont Mining is currently 0.9% above its average consensus analyst price target of $44.20. The stock should discover initial support at its 50-day moving average (MA) of $40.89 and subsequent support at its 200-day MA of $37.77.

In the past 52 weeks, shares of Newmont Mining have traded between a low of $29.77 and a high of $45.28 and are now at $44.60, which is 50% above that low price. The 200-day and 50-day moving averages have moved 0.39% higher and 1.37% higher over the past week, respectively.

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 12.8%. We continue to monitor NEM for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: pivot alerts newmont mining

Ticker(s): NEM