NEM’s XEM Technical Analysis – Support Levels in Play – 12/04/19

Key Highlights

• NEM’s XEM slid by 9.15% on Thursday. Following on from a 1.27% fall on Wednesday, NEM’s XEM ended the day at $0.06551.
• An early morning intraday high $0.07287 saw NEM’s XEM fall short of the first major resistance level at $0.0749.
• A late morning intraday low $0.06346 saw NEM’s XEM fall through the first major support level at $0.0699 and second major support level at $0.0677.
• The extended bearish trend formed at late April’s swing hi $0.46547 remained intact. NEM’s XEM continued to fall well short of the 23.6% FIB Retracement Level of $0.1359 following 6^th February’s new swing lo $0.03405.

How to Buy NEM’s XEM

NEM’s XEM Price Support

NEM’s XEM slid by 9.15% on Thursday. Following on from a 1.27% fall from Wednesday, NEM’s XEM ended the day at $0.06551.

A particularly bearish morning saw NEM’s XEM fall from an intraday high $0.07287 to a late morning intraday low $0.06346.

Falling short of the first major resistance level at $0.0749, NEM’s XEM fell through the first major support level at $0.0699 and second major support level at $0.0677.

Tracking the broader market through the day, NEM’s XEM found support through the afternoon to hit an afternoon high $0.06648 before easing back. While finding support through the afternoon, NEM’s XEM failed to move back through the second major support level.

The extended bearish trend, formed at late April’s swing hi $0.46547, remained firmly intact in spite of the 9 consecutive weeks in the green. NEM’s XEM continued to fall well short of the 23.6 FIB Retracement Level of $0.1359 following 6^th February’s new swing lo $0.03405.

At the time of writing, NEM’s XEM was down 2.03% to $0.06418. Tracking the broader market in the early hours, NEM’s XEM slid from a morning high $0.06575 to a low $0.06267. In spite of the early sell-off, NEM’s XEM left the major support and resistance levels untested.

For the day ahead

A move through to $0.067 levels would be needed to signal a rebound from this morning and Thursday’s losses. Barring support from the broader market, however, we would expect NEM’s XEM to fall short of $0.067 levels. In the event of a market rebound, NEM’s XEM would likely to take a run at $0.070 levels before any pullback. We would expect NEM’s XEM to come up short of the first major resistance level at $0.0711 on the day, however.

Failure to move through to $0.067 levels would likely see NEM’s XEM fall back further through the day. A pullback through the morning low $0.06267 would bring the first major support level at $0.0617 into play. In the event of a continued sell-off, NEM’s XEM would likely avoid a pullback to sub-$0.060 levels on the day.

Looking at the Technical Indicators

Major Support Level: $0.0617

Major Resistance Level: $0.0711

23.6% FIB Retracement Level: $0.1359

38.2% FIB Retracement Level: $0.1988

62% FIB Retracement Level: $0.3007

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Thanks, Bob