NEM’s XEM Technical Analysis – Support Levels in Play – 05/02/19
Key Highlights
- NEM’s XEM fell by 2.21% on Monday, following a 5.18% slide on Sunday, to end the day at $0.03805
- A late morning intraday high $0.03914 came up short of the first major resistance level at $0.0408 before hitting reverse.
- NEM’s XEM called on support at the first major support level at $0.0374 with an intraday low and new swing lo $0.03757.
- The extended bearish trend formed at late April’s swing hi $0.46547 remained intact, with NEM’s XEM continuing to fall well short of the 23.6% FIB Retracement Level of $0.1509, following a Monday’s new swing lo $0.03757.
NEM’s XEM Price Support
NEM’s XEM fell by 2.21% on Monday, following on from a 26.7% slide last week. The decline left NEM’s XEM at $0.03805 by the day’s end.
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A relatively choppy day saw NEM’s XEM strike a late morning intraday high $0.03914 before pulling back into the red. The day’s high saw NEM’s XEM fall short of $0.04 levels and the first major resistance level at $0.0408.
An afternoon high $0.03875 was as bullish as it got in the 2nd half of the day. NEM’s XEM fell to a late intraday low and new swing lo $0.03757. Finding support from the first major support level at $0.0374, NEM’s XEM moved back through to $0.038 levels by the day’s end.
The extended bearish trend, formed at late April’s swing hi $0.46547, remained firmly intact following last week’s 26.7% slide. Also, NEM’s XEM continued to fall well short of the 23.6 FIB Retracement Level of $0.1495 following Monday’s new swing lo $0.03757.
At the time of writing, NEM’s XEM was down by 2.99% to $0.03691. A particularly bearish start to the day saw NEM’s XEM slide from a morning high $0.03835 to a morning low and new swing lo $0.03659. NEM’s XEM fell through the first major support level at $0.0374 to call on support at the second major support level at $0.0367.
For the day ahead
A move back through the morning high would be needed for NEM’s XEM to take a run at the first major resistance level at $0.0389. We would expect NEM’s XEM to fall short of $0.040 levels for a 2nd consecutive day, however. Monday’s high $0.03914 and bearish sentiment across the broader market will ultimately pin NEM’s XEM back from a breakout on the day.
Failure to move through to $0.0383 levels could see NEM’s XEM fall deeper into the red. A fall through the morning low $0.03659 could see NEM’s XEM slide to $0.035 levels before any recovery. We would expect heavier losses to be avoided in the day. The third major support level at $0.0351 likely keep $0.034 levels out of play.
Looking at the Technical Indicators
Major Support Level: $0.0374
Major Resistance Level: $0.0389
Fib 23.6% Retracement Level: $0.1386
Fib 38% Retracement Level: $0.2010
Fib 62% Retracement Level: $0.3020