What is nem support and resistance

Support and resistance are key concepts in technical analysis used by traders to identify potential price levels that may act as barriers to the price of an asset from moving in a certain direction. In the case of NEM (Newmont Mining Corp), support refers to the price level or zone where demand is strong enough to halt and reverse a price decline. This is an area on the price chart where buyers are willing to buy, usually at a lower price. Resistance, on the other hand, is the price level or zone where supply overwhelms demand, causing the price to stop rising and potentially reverse. This is an area on the price chart where sellers are reluctant to sell at higher prices. Understanding support and resistance can help traders identify potential entry and exit points in the market, as well as provide insight into the strength of a trend.