Hi there, it appears that we hit the previous targets set out in my last analysis all the way up to $12.30 - we saw quite a big retracement down now and found some support at the EMA 250 around $10.90 which took such a long time to break i expect it to act as a fairly strong support level, however we could see a wick down to around $10.59 where the fib and the local trendline channel appear to meet.
Right now i expect either the cup and handle formation to play out and we see a bounce up to around $13.15 and can then book some profits, or we may see that invalidated and we may trade in a range between the 250 and 300 EMA which seems to have acted as a resistance for now. Reminder, it has been a long to since we saw NEO trade above the 300 EMA so if that were to play out i think we could be looking at some strong moves to the uptrend. As for now, i will sit out and see which scenario plays out.
If we can break and start trading above $11.75-$11.80 zone i think we could see the cup and handle scenario play out, so overall i am leaning more towards a bullish bias as of now. It feels more as though buying dips instead of selling tops is the feeling around but of course trade carefully and do your own analysis before opening up any trades.
Right now i expect either the cup and handle formation to play out and we see a bounce up to around $13.15 and can then book some profits, or we may see that invalidated and we may trade in a range between the 250 and 300 EMA which seems to have acted as a resistance for now. Reminder, it has been a long to since we saw NEO trade above the 300 EMA so if that were to play out i think we could be looking at some strong moves to the uptrend. As for now, i will sit out and see which scenario plays out.
If we can break and start trading above $11.75-$11.80 zone i think we could see the cup and handle scenario play out, so overall i am leaning more towards a bullish bias as of now. It feels more as though buying dips instead of selling tops is the feeling around but of course trade carefully and do your own analysis before opening up any trades.