Friday, 19 July 2019

Bulls defend NEO

After a sharp decline NEO has rebounded from the uptrend line, which shows that the bulls are ready to defend this important support. The pullback from the uptrend line witnessed a strong resistance from both the 100-day and 200-day EMA. They are nearly at the same level.

If the bulls scale above the moving averages, NEO may rise towards next resistance zone between $14.50 and $15 level.

However, if NEO/USD turns down from this strong resistance, it will find support from the uptrend line. 

If the price plummets below the uptrend line, it will show a change in  trend. As long as the price sustains above the trend line, NEO will keep the bullish view alive.

Since NEO is trading at a resistance level , traders should wait to buy at supports.

neo chart

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