Newmont Mining Plunges After Earnings, Where Is The Trade?

This morning, leading gold mining stock Newmont Mining Corp (NYSE:NEM) is declining sharply after reporting earnings. Today, NEM stock is trading lower by $1.31 to $32.39 a share. Many traders and investors are now wondering where the next major support level will be for a long side trade. Well, the answer is lower. Traders should note that NEM stock does not have major chart support until the stock reaches the $29.00 area. This is an area where traders can buy NEM stock. Until that time, the bounces in NEM stock will likely be sold by the institutional money.

 

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