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Newmont Corp (NEM) Stalls Out, Watch This Level

Newmont Corp (NYSE:NEM) is a leading gold mining stock that has stalled out at the start of 2020. The stock made a near term top on December 31, 2019 at $44.08 a share. Currently, the shares of NEM are trading at $42.53 a share. The stock has been testing it’s 20-day moving average over the past 4 trading sessions. This tells me that if the stock closes below this moving average it could see a bit more downside in the near term. Traders and investors should keep a close eye on the $37.00 area. This is where the 200-day moving average is sitting. It is also where the 50-week moving average is currently, this is adding strength to the level. This key area is where the stock was defended in November 2019 before breaking out and will likely be defended again when retested. Note the chart below…

 

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