NEM is now on its 5th-6th up day, making it overextended and overbought. It was breached the top layer of the bollinger band and is at about 98 out of 100 on the stochastics chart. These all combined lead me to believe we will see a retracement for the next several days in NEM until its moving averages catch up around the 32.85 to 33.30 mark for a short play with 3-5% profit potential.
Comment:
I've extended my stop area to a range of 35.40-35.5. This thing is going to retrace by tomorrow, holding tell then
Comment:
Still holding on to this trade even though its beyond my stop. Waiting to see what happens next week due to it being VERY overextended and on its 7th up day. If it rises any higher i will exit
Trade closed: stop reached