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Newmont Mining Corp (NYSE: NEM) shares have been under pressure for a couple of years now, dropping from over $70 in 2011 to a low just above $21 this year.
Can the current bounce off the lows continue?
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Newmont Mining is seemingly at the will of the price of gold futures. The stock was riding high from 2008 to late 2011, as gold moved from $735 per ounce to a peak of $1,952. As gold has come back down to earth, however, Newmont has also done so in a big way.
Gold is still over 40 percent higher than the 2008 lows, however. Newmont shares, meanwhile, have already tested its lows from 2008 and may be in for even more trouble if gold and silver don't start acting better.
Technicians are hopeful for gold once a little more downside plays out. They note that important support for the bulls will be $1,247 per ounce for gold. If that level holds up, there still exists the chance that gold will make a run up to about $1,425. If that occurs, Newmont Mining and its metals-related peers will surely benefit.
In terms of Newmont Mining's stock, technicians note that even a modest "normal" counter-trend rally would take the stock up to around $30 per share. Newmont bulls might look to buy the stock when gold futures move down and test the $1,247 level.
Newmont traded recently at $25.68, up 0.31 percent.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.