Gold stocks - NEM: reversing trend?

[bgold]

While probably too early to say (and still controversial considering bullish enthusiasm for gold), I do see some signals pointing to a reversal in the Goldstocks and its institutional leader NEM.
1. Momentum (see chart) and RSI waning
2. Massive Tweezer bearish engulfing pattern on daily chart.
Confirmation only comes below rising window in high 37's and break thru support at 26 Aug Bullish engulffing pattern at $36.5
By then other indicators will, no doubt, have waved red flags.

I am keen to hear your TA analyses/perspectives?

 

[RogerM]

Here's a chart of Dec Gold Futures courtesy of McClellan Financial Publications showing a bearish long tailed reversal.

 

[bgold]

Since posting last week a NEM chart, gold and gold stocks have had some eventful trading days.
After testing the falling window of 26 sep, NEM fell on back of break down in gold on Friday, closing just above the rising window support of 25 Aug at 37.85. Today, it is still testing this support (nevermind severe $ weakness). Next support (as listed previously) is at 36.5, the bottom of the bullish engulffing patern of 26Aug. Should this support give way, I see next support is much lower at 34!!

Technically we are still in a range between the bullish rising window and bearish falling window. Todays' trading looks though (a longish shadow), that support might be holding. At least for now.