NEM : Daiy chart, pullback expected - minor cycle bottom
Now that we have looked at our view on weekly charts, lets look at the daily charts. (attached below the analysis on weekly charts, better t read that first to have the forthlooking view)
Weekly chart on the minor cycle suggests a minor pullback in the beginning of March 2020. As we are aware, price may bottom a few candles around this and we may expect last week of Feb and the first week of March to show a minor pullback. Price around $42 and $41 is an important cycle resistance/ support zone from previous weekly cycles.
A look at the candles and we can see some signs of signals of short term market overbought conditions and also RSI showing overbought status.
Wait for the pullback and then price may retest the upper resistance zone
Look out for more action on this!
Weekly chart on the minor cycle suggests a minor pullback in the beginning of March 2020. As we are aware, price may bottom a few candles around this and we may expect last week of Feb and the first week of March to show a minor pullback. Price around $42 and $41 is an important cycle resistance/ support zone from previous weekly cycles.
A look at the candles and we can see some signs of signals of short term market overbought conditions and also RSI showing overbought status.
Wait for the pullback and then price may retest the upper resistance zone
Look out for more action on this!
