Newmont nears target buying range

I wasn’t expecting anything resembling a 17% decline in Newmont Mining in only 6 trading days following the writing of this note below.

Newmont price to ease

NEM stock is now $72.60.

and that target I mentioned of $64-$68 (within ~ 9 months) may be seen sooner that I thought.

In fact, if a few more people throw away their stock in the coming week, then $68.50 makes for an interesting entry price, for a trade.

A bounce from $68.50 will also give those wishing to sell, a second chance.

If NEM breaks above $86.40, then the $90 mark should be an interim ‘lid’ on the stock.

Longer term mean reversion mentioned in the original post, still counts.

April 26, 2022

by Rob Zdravevski

rob@karriasset.com.au