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Newmont Mining (NEM) Breaks Through Support at $32.83

Published on Tue, 04/23/2013 - 12:41
By Mallory Stone

Newmont Mining (NYSE:NEM) has opened bearishly below the pivot of $33.37 today and has reached the first level of support at $32.83. Analysts will be watching for a cross of the next downside pivot targets of $32.25 and $31.13.

Newmont Mining share prices have moved between a 52-week high of $57.93 and the current low of $31.77 and are currently at $32.33 per share. Over the past week, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has declined 1.8%.

There is potential upside of 66.1% for shares of Newmont Mining based on a current price of $32.33 and an average consensus analyst price target of $53.72. The stock should find initial resistance at its 50-day moving average (MA) of $39.78 and further resistance at its 200-day MA of $46.22.

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.

By Mallory Stone