NEO price update: NEO/USD strongly defends $12 support, is $13 within reach?
|- NEO fights against the prevailing selling pressure; $13 is the short-term target.
- It is apparent that $12.50 resistance must come down to open up the upside.
NEO is trading at $12.06 although it commenced the day’s trading at $12.13. The attempt to forge towards $13.00 was thwarted by the present selling pressure. NEO formed an intraday high at $12.21.
The action on Tuesday saw NEO test $12.50 but reversed the trend almost immediately. An accelerated trendline (green dotted) aided in defending $12. The Relative Strength Index shows that NEO bulls are getting back in action and are likely to launch another assault on $12.50 in a bid to close the week trading above $13.00.
The main trendline (black) will come in handy later in the event an extended reversal threatens $11.50 support area. Also in line to offer support is the 50 SMA on the 1-hour chart and $10.50.
NEO/USD 1-hour chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.