Tuesday, 6 August 2019

NEO Struggles to Clear Resistance

NEO Analysis




NEO finds it difficult to clear the 20-day EMA. Also, it bounced back from the 23.6 Fibonacci level at $12.35 for several times. RSI is in the middle, testing the resistance line.

The only support left is the uptrend line, which price tested numerous times before. It is a very important support for the bulls. If it is broken, it will trigger many stop losses by the bulls to cover their positions, which could drag NEO to $8.50 level.

Traders should keep NEO above the uptrend line and then push the price above the 20-day EMA to resume the uptrend.

 Traders should watch out  the uptrend line more carefully in the coming days. They can open fresh positions on a breakout of the 20-day EMA.



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