Monday, June 4, 2012

NEM Weekly RSI Chart Update

Back on May 17th, I posted this weekly 20 year chart of NEM with the RSI indicator set to a standard 14 length.  

Here's a link to the May 17th Post

As you can see from the chart, over the past 20 years, whenever the weekly RSI become oversold, a bounce always occurred in NEM.  Sometimes it simply produced only a short term bounce in a major downtrend (see the late 90's, while other times it signaled major bottoms, however it has always provided a trade and this last time was no exception. 

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