XEMUSD snaps to lowest close since July 16, 2017
Moving lower for the 2nd day in a row, XEMUSD finished Saturday at 0.1048 tanking $0.0120 (-10.27%) on high volume. Today's closing price of 0.1048 marks the lowest close since July 16, 2017. The bears were in full control today, moving the market lower throughout the whole session. Closing below Friday's low at 0.1151, NEM confirms its breakout through the previous session's low having traded $0.0107 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.
Saturday's trading range was $0.0089 (7.86%), that's below last trading month's daily average range of $0.0132. Things look different on a weekly scale, where volatility is way above the markets average with the monthly volatility being slightly above average.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
2,017's low at 0.0877 is within reach and we might see further downside momentum should the market break out beyond.
While classical technical analysis indicates a slightly bearish sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
Market Conditions for XEM/USD Index
|Close to R1 Resistance||TQ Pro Members Only|
|Strong Up Move||TQ Pro Members Only|
|Decisive Up Move||TQ Pro Members Only|
|White Candle||TQ Pro Members Only|
|Close to S1 Support||TQ Pro Members Only|
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