NEM closes higher for the 3rd day in a row
Newmont Mining Corporation (NEM) Technical Analysis Report for Sep 14, 2018 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, NEM ended the week 0.83% higher at 30.38 after gaining $0.16 (0.53%) today. Today's closing price of 30.38 marks the highest close since August 31st. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range.
Daily Candlestick Chart (NEM as at Sep 14, 2018):
Friday's trading range was $0.66 (2.19%), that's slightly above last trading month's daily average range of $0.64. Weekly volatility is also higher, being slightly above the markets average with the monthly volatility being way below average.
During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar.
Prices are trading close to a key support level at 30.00.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying might speed up should prices move above the nearby swing high at 30.90 where further buy stops could get triggered.