When I look at NEM chart first of all EVERYONE loved Gold and gold stocks when NEM was trading at 68$ just few years ago. Sentiment right now is 100% opposite than what it was at 68$.
So now with NEM trading at 27-28$ the stock has been flushed out by everyone in past years from the top at 68$ – when everyone is very BEARISH the stock – could it be a sign of an opportunity to get long ?
This is what I believe…
NEM has a MAJOR and very clear bullish divergence on RSI – actually a tripple bullish divergence.
NEM tested a monthly support area at 25$ which should hold up for NEM.
Again I see this as a brilliant opportunity in the coming months ahead to go long gold miners – NEM is the second largest stock and will have an effect on NUGT/GDX too – so I like the whole sector to be honest – but if you want a “larger cap” stock I would go with NEM or ABX chart.
Lets see how NEM performs in the coming months ahead.
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