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...
NEM seems to have touched bottom area of 29.12 to 29.93 for potential BUY. This is also to earlier support from Sept 2018 / Oct 2018. Take profits at 33.17 to 34.34.
The idea used here is Volume Profile (Flexible) and Point of Control. NEM is was selected via a proprietary scanner tool separately.
NEM is in the process of printing Bat pattern still incomplete but we can try to trade B->D move which is often happens. Since when I am writing this idea price already broke B point I have to frame it with two entries.
Entry 1 (preferred) - we see daily pin of high volume so there is a good chance of B point line to be re-tested. Wait until it is tested and see...
Adding small to my initial position of 31.67. I think gold will be making quite the run here in the future, the charts support it. Also looking at many other companies once they come down into value for a good buy. Entered 33.57
NEM has not only been my favorite large cap precious metals stock, but over the last few months has been carving out higher highs and higher lows. This local, stop and start action, to use a train or bus analogy, is about to embark on an express move higher. Buy NEM now because when it breaks above the 200 mvg around 35.30, it is going to run much higher. Chartsmaster