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On Dec. 7 we mentioned that NEM had broken out of a long-term double bottom pattern and looked like it was positioned to head higher. As you can see from the chart below, the bulls have been in control since the breakout, but now a certain technical indicator is suggesting that the bulls may experience some difficulties extending the recent rally. NEM is about to test the resistance of the 161.8% Fibonacci extension level - an area often used by technical traders to strategically choose where to take profits. Given this resistance, we'd expect to see NEM experience a short-term pullback before it can head higher again.

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