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Newmont Corporation (NEM) Recently Broke Out Above the 50-Day Moving Average
Newmont Corporation (NEM - Free Report) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, NEM broke through the 50-day moving average, which suggests a short-term bullish trend.
One of the three major moving averages, the 50-day simple moving average is commonly used by traders and analysts to determine support or resistance levels for different types of securities. However, the 50-day is considered to be more important since it's the first marker of an up or down trend.
Over the past four weeks, NEM has gained 10.1%. The company is currently ranked a Zacks Rank #1 (Strong Buy), another strong indication the stock could move even higher.
Looking at NEM's earnings estimate revisions, investors will be even more convinced of the bullish uptrend. There have been 7 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.
Given this move in earnings estimate revisions and the positive technical factor, investors may want to keep their eye on NEM for more gains in the near future.