The bearish DailyPlay we chose for Thursday Nov 16th is Newmont Mining (NEM). NEM is part of the Materials Sector (XLB). Over the last month, XLB has experienced a 1.08% move lower and its 1m and 6m trend has turned neutral and bearish today while breaking below its $58 support level.
Newmont Mining’s 1m and 6m trends turned neutral and bearish on 10/23 and recently bounced lower off its $37 resistance level. With a technical score of 6 (out of 10), NEM is a strong bearish stock that is likely to continue lower.
As a stop loss, if NEM was to trade above $37 for multiple days, this would invalidate our analysis and suggest getting out of the trade.
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