If history is any guide, there may be good fortune ahead for shares of Newmont (NYSE:NEM). A so-called "golden cross" has formed on its chart and, not surprisingly, this could be bullish for the stock.
What To Know: Many traders use moving average crossover systems to make their decisions.
When a shorter-term average price crosses above a longer-term average price, it could mean the stock is trending higher. If the short-term average price crosses below the long-term average price, it means the trend is lower.
Why It's Important: The 50-day and the 200-day simple moving averages are commonly used.
The golden cross occurs when the 50-day crosses above the 200-day. This could mean the long-term trend is changing.
That just happened with Newmont, which is trading around $64.93 at publication time.
Remember: Seasoned investors don't blindly trade Golden Crosses.
Instead, they use it as a signal to start looking for long positions based on other factors, like price levels and company fundamentals & events.
For seasoned investors, this is just a sign that it might be time to start considering possible long positions.
With that in mind, take a look at Newmont's past and upcoming earnings expectations:
| Quarter | Q3 2021 | Q2 2021 | Q1 2021 | Q4 2020 |
|---|---|---|---|---|
| EPS Estimate | 0.75 | 0.76 | 0.79 | 0.95 |
| EPS Actual | 0.60 | 0.83 | 0.74 | 1.06 |
| Revenue Estimate | 3.23B | 3.18B | 3.26B | 3.47B |
| Revenue Actual | 2.90B | 3.06B | 2.87B | 3.38B |
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This article was generated by Benzinga's automated content engine and reviewed by an editor.
