Shares of Newmont Mining Corp. (NEM) are testing a support level that has not been broken in more than three years.
Newmont Mining is a gold producer, which is engaged in the acquisition, exploration and production of gold and copper properties in United States, Australia, Peru, Indonesia, Ghana, Canada, New Zealand and Mexico.
As of this writing, Newmont Mining was down almost 2% at $44.22.
The support level, at $43.00 a share, has not been reached since late 2009. A break below that level would likely result in considerably lower lows in coming weeks as investors get stopped out at this long-term support level.
On the flip-side, a solid reversal at this level could point to a tradable rally, though investors who participate should be aware of the stocks huge volatile swings.
Newmont Mining was at $70 a share at the end of 2011, and is currently down 37% from that high.
Fibtimer.com Stock Timing Strategy does not currently have a position in Newmont Mining.
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Newmont Mining Tests Critical Support
Published 12/05/2012, 02:32 PM
Updated 07/09/2023, 06:31 AM
Newmont Mining Tests Critical Support
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