NEM’s XEM Technical Analysis – Leading the Way Down – 21/06/18

Key Highlights

• NEM’s XEM fell by 1.1% on Wednesday, more than reversing Tuesday’s 0.13% gain, to end the day at $0.1959.
• NEM’s XEM slid through the first major support level at $0.1931 to test support at the second major support level at $0.1881, with an intraday low $0.18978 before recovering to $0.19 levels.
• An intraday high $0.19868 fell short of the first major resistance level at $0.2039 and the 23.6% FIB Retracement Level of $0.2473, leaving the extended bearish trend intact.

How to Buy NEM’s XEM

NEM’s XEM Price Support

NEM’s XEM fell by 1.1% on Wednesday, following Tuesday’s 0.13% gain, to end the day at $0.1959.

Following the broader market, an early sell-off saw NEM’s XEM fall through the day’s first major support level at $0.1931 to test support at the day’s second major support level at $0.1881, with an intraday low $0.18978 before recovering to $0.19 levels.

While NEM’s XEM managed to bounce to an afternoon $0.19861 high, the day’s intraday high $0.19868 came at the start of the day, with the first major resistance level at $0.2039 and the 23.6% FIB Retracement Level at $0.2473 left untested through the day, to leave the extended bearish trend, formed at late April’s swing hi $0.46541 intact.

At the time of writing, NEM’s XEM was down 2.07% to $0.19185, with an end of day pullback on Wednesday continuing through the morning, NEM’s XEM following the broader market into the red.

A mid-morning high $0.1963 left NEM’s XEM short of the day’s first major resistance level at $0.1998, with a late morning slide to $0.18976 seeing NEM’s XEM slide through the day’s first major support level at $0.1909 to bring the day’s second major support level at $0.1859 into play.

For the day ahead, a move back through $0.1948 would support a run at the morning’s $0.1963 high to bring the day’s first major resistance level at $0.1998 into play though, with sentiment across the broader market on the negative side, the broader market will need to see a material rebound for NEM’s XEM to take a run at $0.1998 that would bring $0.20 levels back into play.

Failure to move through $0.1948 to the morning’s high could see NEM’s XEM take a bigger hit later in the day, with a fall through the day’s second major support level at $0.1859 in play should sentiment not improve through the afternoon.

In spite of the morning’s losses and the extended bearish trend, NEM’s XEM remains some way off 13^th June’s swing lo $0.17988, suggesting NEM’s XEM may have bottomed out, though a pullback remains on the cards should NEM’s XEM fail to break back through to $0.20 levels and begin making a move towards the 23.6% FIB Retracement Level of $0.2473.

Looking at the Technical Indicators

Major Support Level: $0.1909

Major Resistance Level: $0.1998

Fib 23.6% Retracement Level: $0.2473

Fib 38% Retracement Level: $0.2889

Fib 62% Retracement Level: $0.3563