NEO Technical Analysis: NEO/USD bears take some time off from selling, perhaps the calm before the storm
- NEO seen holding decent gains of over 2% in the latter stages of trading on Thursday.
- NEO/USD receives a bounce in demand zone, tracking from $21.50-20.50.
- Upside has been capped, formation of a bearish pennant for NEO/USD observed.
NEO/USD 60-mnute chart
Spot rate: 22.24
Relative change: +2.10%
High: 22.69
Low: 20.79
Trend: Bullish
Support 1: 21.61, lower part of pennant.
Support 2: 21.50, demand zone.
Support 3: 20.50, (support on 60-minute chart),
Resistance 1: 22.45, upper part of pennant.
Resistance 2: 22.93, 50MA.
Resistance 3: 24.90, 100MA
Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
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