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NEO/USD technical analysis: RSI Indicator flags up a bearish signal

  • NEO is one of the better performers today rising 2.22% today as the majors fall.
  • The chart structure of NEO/USD could indicate some downward pressure.

NEO/USD 60-Minute Chart

NEO/USD has moved down in this channel formation.

The RSI indicator is showing an upside failure swing and this indicates a move lower could be in the cards.

A failure swing is when the RSI indicator moves into overbought levels while in a downtrend.

11.757 is the resistance to keep an eye on on the upside.  

The resistance level above also is pretty close to the downward slowing trendline.

Neo analysis

Additional Levels

 

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