The slide continues for NEM's XEM and the broader market and attempts at partial recoveries have failed early on. Support could buckle...
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.
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
With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.