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Mining Giant Plunges On Earnings

Published 04/25/2017, 01:15 PM
Updated 05/14/2017, 06:45 AM

Leading gold-mining stock Newmont Mining Corporation (NYSE:NEM) fell sharply Tuesday after reporting earnings. NEM traded lower by $1.31 to $32.39 a share though mid-day Tuesday. Many traders and investors are now wondering where the next major support level will be for a long side trade.

The answer to that is 'lower.' Traders should note that Newmont does not have major chart support until it reaches the $29 area, an area traders should look to buy the stock. Until then, the bounces in NEM stock will likely be sold by the institutional money.
Newmont Mining

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