NEM Range Trading After Rally

Following the previous idea, NEM went up as was expected, although it broke above our targets and now the question is what will happen next. First of all, looking at the extended Fibonacci retracement levels based on the previous analysis, 627.2% level at $0.67 has been rejected cleanly and straight after,  XEM/USD went down towards 227.2% support level at $0.35.

Currently, Nem is trading at $0.44 and while resistance and then support has been rejected a range trading can be expected. The price range should stay between $0.344 support and $0.591 or $0.673 resistance levels.

It seems that re-test one of the resistance levels would be logical after strong correction and then the resistance levels must be watched for either a breakout of rejection.



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