NEM runs into sellers again around 41.86
Newmont Mining Corporation (NEM) Technical Analysis Report for Apr 16, 2018 | by Techniquant Editorial Team
NEM ended Monday at 41.42 edging lower $0.18 (-0.43%). Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (NEM as at Apr 16, 2018):
Monday's trading range was $0.74 (1.77%), that's slightly below last trading month's daily average range of $0.80. Things look different on a weekly scale, where volatility is way above the markets average with the monthly volatility being above average.
During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar.
Prices are trading close to a key support level at 40.87. Prices are trading close to the key resistance level at 41.98. After having been unable to move above 41.98 in the previous session, the share ran into sellers again around the same price level today, failing to move higher than 41.86.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might speed up should prices move above the nearby swing high at 41.98 where further buy stops could get triggered.