NEM is a stock I bought recently that has seen some nice gains. For fundamental reasons this stock has looked very attractive for a long time. I recent bought as technicals finally confirmed what my fundamental analysis was telling me.
You can see price broke out from channel, but found a bottom around 16.00. From there we broke short term down trend line, and broke back into the voided channel.
Price came through 100 period moving average, and is coming towards 20.00 area resistance. This level also intersects with 200 period moving average.
After a break of $20 looking for price to head to $27. Plan to be in this trade for a long haul, with a long term target well above current price.
You can see price broke out from channel, but found a bottom around 16.00. From there we broke short term down trend line, and broke back into the voided channel.
Price came through 100 period moving average, and is coming towards 20.00 area resistance. This level also intersects with 200 period moving average.
After a break of $20 looking for price to head to $27. Plan to be in this trade for a long haul, with a long term target well above current price.
Comment:
Price is retracing from resistance just as expected. Locking in some gains, and waiting to how price reacts. A break of this level will be good to open another position.
Comment:
Nice up-gap today. Price has significant momentum behind. Will be looking for price to react to resistance around $27-28 area.
Comment:
Closed my first position on this trade due to last weeks price action on XAU/USD. My second position was added at 23.5 and will continue to hold if it stays above 20.60.
