- 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
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