NEM’s XEM Technical Analysis – Looks for Support Early

Key Highlights

• NEM’s XEM fell by 1.95% on Sunday, following Saturday’s 1% loss, to end the week up 10.98% at $0.1847.
• A start of the day intraday high $0.1908 fell short of the day’s first major resistance level at $0.1949, with NEM’s XEM pulling back to $0.18 levels and a relatively range bound day that ultimately led to a late in the day reversal.
• The late sell-off saw NEM’s XEM fall to an intraday low $0.18285 before recovering to $0.184 levels, the day’s low steering clear of the first major support level at $0.1809.

How to Buy NEM’s XEM

NEM’s XEM Price Support

NEM’s XEM fell by 1.95% on Sunday, following Saturday’s 1% loss, to end the week up 10.98% at $0.1847.

Following the broader market, NEM’s XEM struck an intraday high $0.1908 at the start of the day, before pulling back to $0.18 levels and a relatively range bound day that saw NEM’s XEM hover at around the $0.187 level through most of the day.

A late market pullback saw NEM’s XEM fall to an intraday low $0.18285 before recovering to the end of day $0.1847, with the morning’s low holding above the first major support level at $0.1809.

While the day’s major support levels were left untested and NEM’s XEM managed to make up ground against the broader market through the week, the extended bearish trend remained intact following the weekend losses, with NEM’s XEM needing to break through the 23.6% FIB Retracement Level of $0.2169 and take a run at the 38.2% FIB Retracement Level of $0.2643 to begin a bearish trend reversal.

At the time of writing, NEM’s XEM was down 1.38% to $0.18223, with Sunday’s mid-afternoon reversal continuing through to the early hours of this morning, NEM’s XEM falling through the day’s first major support level at $0.1814 to a morning low $0.18073 before recovering to $0.182 levels.

For the day ahead, a move through to $0.1861 would support a run at the day’s first major resistance level at $0.1894 to bring $0.19 levels back into play, with NEM’s XEM likely to find support through the late morning as the broader market recovers from Sunday’s reversal that was driven more by profit taking than any materially negative news hitting the wires.

Failure to move through $0.1861 to break back into $0.19 levels could see NEM’s XEM pullback through the day’s first major support level at $0.1814 to bring sub-$0.18 support levels into play before any recovery, though we would expect NEM’s XEM to hold on to $0.18 levels in the event of a broad based market sell-off.

Looking at the Technical Indicators

Major Support Level: $0.1814

Major Resistance Level: $0.1894

Fib 23.6% Retracement Level: $0.2169

Fib 38% Retracement Level: $0.2643

Fib 62% Retracement Level: $0.3411