Company Overview: Newmont Corporation engages in the production and exploration of gold. It also explores for copper, silver, zinc, and lead. The company has operations and/or assets in the United States, Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, and Ghana.

As per our previous report published on NEM on March 13, 2023, Kalkine provided a ‘Buy’ stance on the stock at USD 43.48 based on “upside indicated by valuation and key risks associated’, and the stock price has now moved by ~12% since then and moved above R1 and hovering near R2 mentioned in the previous report.  

Noted below are the details of support and resistance levels provided in our previous report:

NEM’s Daily Chart

Stock Recommendation

On daily price chart NEM’s shares  hovering near 200-day SMA, which in the past has acted as a resistance for the stock. Hence, considering the target level attainment, resistance around the current trading levels, macro-economic uncertainties hovering around the broader market on the back of rising inflationary pressure and increasing cost of capital, a ‘Sell’ rating is assigned to “NEM” stock at the current market price of USD 48.67 (as of March 29, 2023) at 06:42 AM PDT.  

Note: This report may be updated with details around fundamental and technical analysis, price/ chart in due course, as appropriate

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance level is March 29, 2023. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: Target Price refers to a price level that the stock is expected to reach as per the relative valuation method and or technical analysis taking into consideration both short-term and long-term scenarios.

Note 5: ‘Kalkine reports are prepared based on the stock prices captured either from the New York Stock Exchange (NYSE), NASDAQ Capital Markets (NASDAQ), and or REFINITIV. Typically, all sources (NYSE, NASDAQ, or REFINITIV) may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.’