NEM’s XEM Technical Analysis – Support Levels in Play – 10/08/18

Key Highlights

• NEM’s XEM gained 4.81% on Thursday, partially reversing Wednesday’s 11.79% slide, to end the day at $0.12454.
• A late morning intraday low and new swing lo $0.11616 saw NEM’s XEM call on support at the first major support level at $0.1116.
• An afternoon rally saw NEM’s XEM move through to an intraday high $0.12726 before easing back, the day high falling short of the first major resistance level at $0.1307
• The extended bearish trend, formed at late April’s swing hi $0.46541 remained firmly intact.

How to Buy NEM’s XEM

NEM’s XEM Price Support

NEM’s XEM gained 4.81% on Thursday, partially reversing Wednesday’s 11.79% slide, to end the day at $0.12454.

Upward momentum through the early part of the morning reversed, with NEM’s XEM sliding to a late morning intraday low and new swing lo $0.11616, to call on support at the first major support level at $0.1116 before recovering.

An afternoon broad based market recovery saw NEM’s XEM move through to an intraday high $0.12726, falling short of $0.13 levels and the day’s first major resistance level at $0.1307, before easing back late in the day.

In spite of Thursday’s partial recovery, NEM’s XEM continued to fall well short of the 23.6% FIB Retracement Level of $0.1986, leaving the extended bearish trend, formed at late April’s swing hi $0.46541 firmly intact, with NEM’s XEM having struck 2 consecutive days of new lows on Wednesday and Thursday.

At the time of writing, NEM’s XEM was down 1.91% to $0.12196, with a pullback across the broader market late Thursday continuing into the early hours of this morning.

NEM’s XEM pulled back from a start of a day $0.12556 high to an early morning $0.12053 before recovering to $0.121 levels, moves through the early part of the day leaving the day’s major support and resistance levels untested.

For the day ahead, a move through $0.1227 would support another run at the first major resistance level at $0.1291 and a move back through to $0.13 levels, though we can expected NEM’s XEM to face plenty of resistance at around $0.13 levels, which could leave NEM’s XEM back at $0.12 levels by the day’s end, in the event of any breakthrough to $0.13 levels.

Failure to move through $0.1227 to take a run at $0.13 levels could see NEM’s XEM take a bigger hit later in the day, with the day’s first major support level at $0.1180 very much in play in the event of an extended reversal.

Key through the morning will be to hold at $0.12 levels, which should support some upward momentum later in the day, though we can expect investors to continue to lock in profits early, pinning back any major rally.

Looking at the Technical Indicators

Major Support Level: $0.1180

Major Resistance Level: $0.1291

Fib 23.6% Retracement Level: $0.1986

Fib 38% Retracement Level: $0.2496

Fib 62% Retracement Level: $0.332