There doesn’t seem to be much interest in this stock in the chat room, but for the record and nonetheless, its daily chart has just generated a buy signal at 41.04. The rally paused yesterday just 3 cents above the 41.83 midpoint pivot, but camo traders shouldn’t have much difficulty catching the next leg to 42.56, its D sibling. _______ UPDATE (March 31, 10:56 p.m. EDT): Traders in fact would have faced quite a challenge using camouflage to get aboard on Thursday, since the best such opportunity that arose would have yielded little better than a scratched trade (see inset, a new chart). My suggestion is to keep trying, but on the 3-minute chart rather than the ‘5’ I’ve displayed. The 42.56 target still obtains as a minimum rally objective. _______ UPDATE (April 1, 2:47 a.m. EDT): The lesser charts have gone bearishly impulsive, testing our patience. I’d suggest zooming out to the 10-minute chart now if you’re looking for the bullish turn, since there are plenty of ‘external’ hooks for a trade. _______ UPDATE (April 3, 2:06 a.m. EDT): Yesterday’s kamikaze dive turned a mildly promising daily chart into a duel between bulls and bears (see inset, a fresh chart). Despite the severity of the drop, the two forces look evenly matched at this point, suggesting there is likely to be bargain-hunting near March’s 38.55 low that will keep the stock from falling apart straightaway. _______ UPDATE (April 4, 10:56 p.m. EDT): Sellers schmeissed the structural support at 38.55, implying they’re intent on pushing the stock even lower. Because the 38.34 midpoint support of the pattern shown was exceeded by 27 cents, we should expect NEM to fall to at least 34.68, its ‘D’ sibling, at least. I’ll nonetheless recommend bottom-fishing with a 34.71 bid for 400 shares, stop 34.49.
