NEM’s XEM Technical Analysis – More than Support Needed – 07/12/18

The slide continues for NEM’s XEM and the broader market and attempts at partial recoveries have failed early on. Support could buckle…
Bob Mason

Key Highlights

  • NEM’s XEM fell by 8.79% on Thursday, following on from a 1.83% fall on Wednesday, to end the day at $0.06962
  • An early morning intraday high $0.07595 saw NEM’s XEM break through the first major resistance level at $0.07898 before hitting reverse.
  • NEM’s XEM fell through the first and second major support levels to a late intraday low $0.06827.
  • The extended bearish trend formed at late April’s swing hi $0.46547 remained intact, with NEM’s XEM continuing to fall well short of the 23.6% FIB Retracement Level of $0.1579.

How to Buy NEM’s XEM

NEM’s XEM Price Support

NEM’s XEM tumbled by 8.79% on Thursday, following a 1.83% fall on Wednesday, to end the day at $0.06962.

A relatively positive start to the day saw NEM’s XEM rise to an early morning intraday high $0.07959 before hitting reverse. The only bullish move of the day saw NEM’s XEM break through the first major resistance level at $0.0789 before the reversal.

Tracking the broader market trend, NEM’s XEM fell through the first major support level at $0.0738 and second major support level at $0.0712 to an early afternoon $0.07005 before steadying.

A move back through to $0.074 levels was short lived however, with a late in the day sell-off seeing NEM’s XEM slide back through the first and second major support levels to an intraday low $0.06827.

The only positive for the day was NEM’s XEM managing to hold above 25th November’s swing lo $0.06284.

The extended bearish trend, formed at late April’s swing hi $0.46547, remained firmly intact following 6 days in the red out of the last 8, with NEM’s XEM continuing to fall well short of the 23.6 FIB Retracement Level of $0.1579.

At the time of writing, NEM’s XEM was down 3.62% to $0.0667, with a morning seeing NEM’s XEM fall from a start of a day morning high $0.07022 to a morning low $0.06604 before steadying, the day’s major support and resistance levels left untested early on.

For the day ahead, a move back through to $0.07 levels would signal a possible market rebound, with NEM’s XEM needing to move through $0.0725 to bring the day’s first major resistance level at $0.0767 into play before any pullback. NEM’s XEM will need support from the broader market to reverse the day’s losses and a move through to $0.07 levels will need to come sooner rather than later in the day.

Failure to move back through to $0.07 levels will likely see NEM’s XEM fall back deeper into the red, a fall through the morning low $0.06604 and the first major support level at $0.0654 likely to bring the second major support level at $0.0612 into play before any recovery.

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Looking at the Technical Indicators

Major Support Level: $0.0654

Major Resistance Level: $0.0767

Fib 23.6% Retracement Level: $0.1579

Fib 38% Retracement Level: $0.2166

Fib 62% Retracement Level: $0.3116

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