NEM’s XEM Technical Analysis – Support Levels in Play – 20/08/18

Key Highlights

• NEM’s XEM gained 2.01% on Sunday, partially reversing Saturday’s 9.9% slide, to end the week down 0.16% at $0.10757.
• An early dip to an intraday low $0.10316 saw NEM’s XEM steer clear of sub-$0.10 levels and the day’s first major support level at $0.0974.
• A late morning rally led NEM’s XEM through to an intraday high $0.11014 before easing back, the day’s high falling short of the first major resistance level at $0.1173.
• The extended bearish trend, formed at late April’s swing hi $0.46541 remained firmly intact, with NEM’s XEM having struck a new swing lo $0.09599 last Tuesday.

How to Buy NEM’s XEM

NEM’s XEM Price Support

NEM’s XEM gained 2.01% on Sunday, partially reversing Saturday’s 9.9% slide, to end the day at $0.10757.

Tracking the broader market trend on the day, NEM’s XEM slipped to an early intraday low $0.10316, steering clear of sub-$0.10 levels and the first major support level at $0.0974 before finding support from the broader market.

A late morning recovery saw NEM’s XEM move through to an early afternoon intraday high $0.11014 before easing back, the day’s high falling short of the first major resistance level at $0.1173, with NEM’s XEM continuing to fall well short of the 23.6% FIB Retracement Level of $0.1832.

The moves through the week left NEM’s XEM down 0.16%, with Tuesday’s new swing lo $0.09599 reaffirming the extended bearish trend formed at late April’s swing hi $0.46547.

At the time of writing, NEM’s XEM was down 1.17% to $0.10639, with NEM’s XEM sliding from a start of a day morning high $0.10718 to a morning low $0.106252 before steadying, the moves through the early hours leaving the day’s major support and resistance levels left untested, as Sunday’s late in the day reversal continued into the early hours of this morning.

For the day ahead, a move back through the morning high $0.10718 would support a run at $0.11 levels to bring the day’s first major resistance level at $0.1108 into play, though investors will need to shake off the Monday blues that have led to heavy losses across the majors in recent weeks.

Failure to move back through the morning high $0.10718 could see NEM’s XEM pullback through the morning low $0.106252 to bring the first major support level at $0.1038 into play, with sub-$0.10 levels on the cards should sentiment across the broader market deteriorate through the day.

Avoiding a pullback to $0.105 levels through the morning would be considered a positive, with a recovery back through to $0.107 levels key to supporting a recovery in the 2^nd half of the day.

Looking at the Technical Indicators

Major Support Level: $0.1038

Major Resistance Level: $0.1108

Fib 23.6% Retracement Level: $0.1832

Fib 38% Retracement Level: $0.2371

Fib 62% Retracement Level: $0.3243