NEO technical analysis

NEO seen from the temporality of 1D we can observe the bullish movement that has taken NEO from the $5, forming the setup of seven points that concludes with the wave number two, in the graph I have pointed out the points where the price has touched in the advance of the tedency forming this way a support and a resistance with expansive properties, currently has reached the sixth point, the price is finding resistance at that point, so we should soon see a correction movement in the price that is very likely to reach the area marked by a blue rectangle located between the price range of 12.8 – 10.7.

NEO seen from the temporality of 4H we can observe more closely the zone where the price begins to find resistance, I have drawn the possible trajectory that could follow the price in its correction, as we see the price has made the reclaim above the resistance, if it breaks the support should make a pullback of confirmation that would take us to our target located in the 12.8 – 10.7.

NEO seen from the temporality of 1W we can observe from a broader perspective the formation of the first wave with a setup of 7 points, the latter being our target purchase. In the image above I have also pointed out in pattern ABC that is formed in a diagonal leading, having the point C in a vertical with respect to the point A, the point C would be our objective in the medium term.

In conclusion, NEO should give us a new purchase entry at a better price between 12 – 11 dollars, for those who have not yet bought NEO, this will be their last chance to buy it at that price, after concluding the seventh point, the price will precipitate to the rise, reaching in a short time the $32 – $35 that are close to the monthly supply zone.

As I always say, you have to be aware of the movement, invalidations can occur, there is no 100% reliable analysis, take your own precautions when trading.

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