NEM appears to be breaking the Handle to a bullish Cup that began to form during the May-June sector correction. The Handle is the current sector correction. There is an argument that it has not broken the Handle yet if drawn a certain way (got to love TA’s ifs ands and buts)…
BUT… the price is above the EMA 20 and SMA 50, RSI has reset from overbought but is still positive (above 50) and MACD has a sneaky bullish look in triggering up while also still positive (above 0).
I am less in love with the weekly chart, which shows a stock that has run a long way and the monthly, which shows a strenuously overbought situation. But this daily argues otherwise as it is currently setup.
If this were to resolve bullish the target is around 85, which would probably come about with HUI targeting 500. NEM is a sector beacon, after all.
A reminder that chart based NFTRH+ updates are technical trade setup ideas, which may not be revisited as the technical parameters are already noted. These updates 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) as I often do. Also please be aware that I am not a fundamental stock analyst. Due diligence is your responsibility.
