Nov. 14 at 2:58 AM
$NEM trade plan:
Market Context:
$NEM is currently trading at
$89.72, showing strength as it approaches the 60D high of
$98.58. The RSI of 60.36 indicates bullish momentum but is not yet overbought, suggesting potential for further upside.
Directional Bias: The price is above both the 30-day (MA30=86.47) and 50-day (MA50=84.37) moving averages, indicating a bullish trend. The proximity to the 60D high reinforces the bullish outlook, while the recent low of
$68.90 provides a solid support level.
Suggested Entry: Consider entering a long position at
$90.50, slightly above the current price to confirm upward momentum.
Stop: Set a stop loss at
$86.00, below the MA30 for risk management.
Targets: First target at
$95.00, approaching the 60D high, and a second target at
$98.00, just below the 60D high.
This plan leverages current momentum and market structure while managing risk effectively.
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