nftrh plus

NFTRH+; A Senior Gold Miner Buying Opportunity

I am using a larger daily chart (click for clearer view) to show the extent of NEM’s uptrend, which began in July of 2017. During that time it has routinely rallied and pulled back to either the SMA 50 or more often the SMA 200. While another pullback to the SMA 200 could be in process, it has dropped far enough on the recent pullback that I decided to buy a moderate position. If the view is positive on the sector at such time I’d look to add if it hits the SMA 200.

nem

The weekly chart shows NEM as a leader because while HUI has consolidated post-2016 with a downward bias, NEM has been grinding higher. Also, note how the weekly EMA 55 has acted as support since last summer, whereas it is a middle marker on HUI, above and below which the index has been whipsawing.

nem

Both charts agree that the 37s would be a solid buy area for someone with a positive sector view. I’ll be watching that area as a point to add to this position. A player already positioned in the sector might wait to see if it pulls back to the daily SMA 200 and/or weekly EMA 55 in order to buy/add.

A reminder that chart based NFTRH+ updates are technical trade setup ideas, which may not be revisited as the buy, sell, stop parameters are already noted. They are meant as a starting point for your further research if interested. I will not personally buy every item highlighted and will sometimes sell (ref. Trade Log) any item that I do buy below target (assuming I’ve not stopped out or sold for some other reason), which is something I often do as a trader. Also please be aware that I am not a fundamental stock analyst. Due diligence is your responsibility.