NEM Does Look Pretty

After a strong correction from $0.358 down to $0.138, with a total loss of 60%, NEM finally found the support at 261.8% Fibonacci retracement level applied to the corrective wave after the uptrend trendline breakout.

Further, XEM/USD broke above the descending channel as well as 200 Moving Average. These are pretty strong signals of a potential end of the corrective wave and continuation of a long-termĀ uptrend.

Upside targets are based on Fibonacci levels applied to the corrective wave after the descending channel breakout. First $0.26, second $0.35 and final and the strongest upside resistance at $0.42 area, that corresponds with two Fibonacci levels.

A move lower than $0.138 would invalidate this forecast and could result in the continuation of the downside correction or a consolidation.

SHARE

LEAVE A REPLY

Please enter your comment!
Please enter your name here