Without further adieu let's jump into the NEM charts.
In the daily bar chart of NEM, below, we can see that prices have been in a long sideways trading pattern since May. The shares are now trading below the cresting 200-day moving average line but have crisscrossed the 50-day moving average line several times over the past several months.
The On-Balance-Volume (OBV) line has been in a slow decline since late July while the Moving Average Convergence Divergence (MACD) oscillator has moved sideways around the zero line since June. Overall, the indicators seem bearish but prices have stayed above the June lows. I wonder, why is that?