NEO Attempts Bounce but Struggles at Support of $9


Key Resistance levels: $12, $14, $16
Key Support Levels: $6, $4, $2

NEO/USD Price Long-term Trend: Bearish
NEO is presently falling as a result of its inability to hold above the $12 resistance level. The bulls made attempt twice at the $12 resistance but were repelled. The price drops to the low of $8.90 and pulled back. The pullback was a retest at the $10 price level. After the retest the market resumes selling. The price is falling and approaching the low at $7.0. A break below $7.0 will mean the resumption of the downtrend. NEO will move up if the support at $7.0 holds.

NEOUSD-Daily Chart

Daily Chart Indicators Reading:
Today the price is testing the support line of the ascending channel. A break below the support line will mean the continuation of the downtrend. NEO is below the 40% range of the daily stochastic meaning that the price is in a bearish momentum.

NEO/USD Medium-term bias: Bearish
On the 4-hour chart, the bears are still in control. The price has been fluctuating between the levels of $9 and $10. The bulls fail to break the $10 resistance as the price attempts to break the support at $9. NEO may drop to the low of $7.0, once the support is broken.

NEOUSD-4-Hour Chart

4-hour Chart Indicators Reading
The 21-day and 50-day SMA sloping horizontally indicating price is in a range bound movement. The price has been testing the support line and break down will mean the continuation of the downward move.

General Outlook for NEO
NEO has been on a downward move. The indicators are still showing bullish signals. From the price action, the market seems to be consolidating above the $8.90 support level. NEO will resume an upward once the support holds.

NEO Trade Signal
Instrument: NEOUSD
Order: Buy Limit
Entry price: $8.97
Stop: $7.0
Target: $12

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.