G'day @ByCon Here's the LT chart that I have been following NXM...

G'day @ByCon

Here's the LT chart that I have been following NXM with.

Death Cross occurred on 30 May which lead to the break through of the lower red trendline.

MACD had it's first bounce off the low. After a significant downward move, I prefer to wait for the second/third MACD bounce to look for an entry.

Potential support areas
20-21.5 - Top of the gap up area which coincides with the 20 psych level.
17.5 - 50M MC, although being in the middle of the gap I don't think it will be relevant in this case. Given that NXM don't have a JORC yet, I wouldn't overly rely on MC support levels e.g. XYZ has 1Moz which I/market values at $100/oz therefore XYZ should see support at 100M MC.
15 - Gap close



If looking for an entry/top up area, given that there is still two weeks of tax loss selling potential, I'm inclined to exercise patience and wait to see where support shows itself. Given the state of the markets and the significant decline in NXM SP from it's recent highs, I would expect that any good drill results released prior to 30 Jun would be sold into. Ultimately I'm waiting to see a support zone hold, the 50 EMA flatten out, and then the SP reclaim and hold the 50 EMA.

I still like the project, just waiting for the TA/FA ducks to line themselves up.

GLTAH