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Next Resistance Level for Newmont Mining (NEM) is $45.16

Published on Wed, 02/06/2013 - 13:39
By Peter Chu

Shares of Newmont Mining (NYSE:NEM) have bullishly opened above the pivot of $44.03 today and have reached the first resistance level of $44.63. Should the shares continue to rise, the resistance pivots of $45.16 and $46.29 will be of interest.

Over the past year, Newmont Mining has traded in a range of $42.55 to $64.43 and is now at $44.76, 5% above that low. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.4%.

Newmont Mining (NYSE:NEM) has potential upside of 27.8% based on a current price of $44.76 and analysts' consensus price target of $57.19. The stock should run into initial resistance at its 50-day moving average (MA) of $45.03 and subsequent resistance at its 200-day MA of $48.30.

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 Peter Chu
pchu@fnno.com