Newmont Corporation (NEM) Just Overtook the 20-Day Moving Average

Newmont Corporation (NEM) is looking like an interesting pick from a technical perspective, as the company reached a key level of support. Recently, NEM crossed above the 20-day moving average, suggesting a short-term bullish trend.

A well-liked tool among traders, the 20-day simple moving average offers a look back at a stock's price over a 20-day period. This is very beneficial to short-term traders, as it smooths out short-term price trends and gives more trend reversal signals than longer-term moving averages.

Similar to other SMAs, if a stock's price moves above the 20-day, the trend is considered positive, while price falling below the moving average can signal a downward trend.

Over the past four weeks, NEM has gained 6.9%. The company is currently ranked a Zacks Rank #3 (Hold), 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 3 revisions higher for the current fiscal year compared to none lower, 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.

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This article originally published on Zacks Investment Research (zacks.com).

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