NXM - tech setup + support / resistance zones

@Pattsy here you go buddy, happy to start it off with some thoughts.

Having a quick look a the co, cash and prospects, it looks to be a pretty tight ship and if their current drill campaign can come up with the goods, one can reasonably expect the market cap / share price to continue to head higher from here.

I do wish it was on my radar a little earlier damn, the setup for the break through 8c was Mickey Mouse.

Chart wise, a few thoughts below:

Daily - short term setup

I've left the volume off the chart for now so the other indicators are more visible. It is encouraging to see good volume come in to support the share price rips higher though.

Iam no pro when drawing flag poles for penant formations to correctly assess the potential measured move on the break, however my attempt would see a move to 11c on the cards. The setup and subsequent break through the important 8c zone is significant for NXM and I expect this will become a good level of support moving forward (unless the drill results turn up donuts, then it could overshoot to the downside).

Price action is now back inside the topside bollinger band which could see a period of consolidation before it wants to make another move higher. MACD jaws are wide and need to stay positive to see a continuation of the current move in coming days. RSI & stochastics still can move higher from here, however are showing signs of taking a break atm.



Weekly - medium term setup -

Worth zooming out a little to get some perspective on the current moves to see what the bigger picture looks like for NXM.

MACD trending positive above the 0 control line is a positive for the medium term trend to continue, RSI overbought, however can stay overbought and open the door for a larger move to play out. The positive cross of the 15w MA (red line) up through the 200w MA (pink line) should not be under estimated. As you can see the price action pushed through the 200w MA a few months ago and took it's time to consolidated until the 15w MA move set it off and now becomes support.

In terms of interesting levels of support and potential over head resistance:
6.75c - which coincides with the 200w MA
8c
11c
12c
14c

Make of it what you will.


Good luck!