NEO price analysis: This breakout has momentum on its side
- Gains continue after the breakout.
- Intra day swings are helpful.
NEO, after breaking out of the triangle, has been sustaining the gains with piecemeal gains and small giveaways. This has only been helpful for the bulls in keeping the momentum within their stride and not letting go off.
NEO/USD is up more than 3 percent at $66.200 and so far has been oscillating between the upper and the middle range of the bollinger bands on the 15-minute chart, a sign of lower volatility.
Next major resistance for NEO, now stands at $81, which is its 23.6 percent retracement of the entire fall from January highs of $198. Interestingly, $80 is also its lower high of last month, a crossover of which would then give further strength to the bulls.
NEO/USD daily chart:
Author
Manoj B Rawal
Independent Analyst
Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.
