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Watch for Newmont Mining to Potentially Rebound After Falling 1.98% Yesterday
Feb 27, 2013 (SmarTrend(R) News Watch via COMTEX) --
Newmont Mining (NYSE:NEM) traded in a range yesterday that spanned from a low of $40.58 to a high of $41.25. Yesterday, the shares fell 2.0%, which took the trading range below the 3-day low of $40.73 on volume of 8.9 million shares. Often times after large one-day declines, short-term traders may play for some degree of mean revision.
SmarTrend recommended that its subscribers protect gains by selling shares of Newmont Mining on January 25th, 2013 by issuing a Downtrend alert when the shares were trading at $43.58. Since that call, shares of Newmont Mining have fallen 4.9%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.
Newmont Mining share prices have moved between a 52-week high of $62.60 and a 52-week low of $40.44 and are now trading 0% above that low price at $40.62 per share. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.6%.
Write to Chip Brian at cbrian@mysmartrend.com
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