Jan 05, 2011 (SmarTrend(R) News Watch via COMTEX) — Newmont Mining (NYSE:NEM) traded in a range yesterday that spanned from a low of $58.25 to a high of $60.26. Yesterday, the shares fell 3.32%, which took the trading range below the 3-day low of $60.90 on volume of 12 million shares. Often times after large one-day declines, short-term traders may play for some degree of mean revision.
Shares of Newmont Mining are currently trading below their 50-day moving average (MA) of $60.54 and should find support at their 200-day MA of $58.40. Look for the MA to provide resistance for a short-term rebound in the shares.
Newmont Mining Corporation acquires, explores, and develops mineral properties. The Company produces gold from operations in the United States, Australia, Peru, Indonesia, Ghana, Canada, New Zealand and Mexico. Newmont also mines and processes copper in Indonesia.
SmarTrend expects the share price to rebound toward the $60.90 resistance level. Afterwards, we expect it to move downward with its peers in the SmarTrend Gold industry.
Write to Chip Brian at [email protected]
