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Newmont drops to 250-day moving average, suggesting potential technical rebound

Schaeffer's Research · ·by G4L

NEM Newmont Corp
$118.47 -1.24%
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  1. 1Newmont Corporation has retreated to its 250-day moving average, down 20% from its August high.
  2. 2The psychological support level of $4,000 for gold futures per ounce has acted as support in the past.
  3. 3The fact that NEM saw a rally in 4 of the last 5 Novembers shows past instances of upward movement.

So what's the key point?

Newmont's stock price has fallen about 20% from its peak to reach a specific baseline. Looking at past cases, there is a possibility that the stock price could rise again in November.

Source Schaeffer's Research · View original ↗

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