By Dan Darrow
August 25, 2022
Intraday Update: NEM
NEM was a tight bearish setup that looked set to resolve lower as the stock broke key support at 44 a few days ago, but the stock has seen little follow-through lower, with a recent bounce resetting support. The Sep30 $44 - $39 put spread has a tight technical stop at 45 (a reset above the 8day ema and 20day sma) which is getting hit this morning early, so the trade needs to be closed before the stock can build momentum out of the lower consolidation.
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**As of the date and time of publication