When we take look at this 4-hour chart we can see that price of NEO has fallen to $13.14 and after that reached $39.27 (the highest level on this chart). On this chart, I marked resistance and support levels. Support level
is 26 USD, a line which I marked on this chart and 32 USD represent resistance level
. If the price jumps above this line and 32 USD it would be a "BUY" signal and we have the open way to 34 USD and then 38 USD. Rising above 40 USD level (psychological resistance) is important to achieve the waited targets, this supports the continuation of bullish trend
overview efficiently for the upcoming period. If the price drops to 26 USD support that could be a very good opportunity for the traders, they can open the position with stop-loss order below this support. It is very important to look at risk/reward ratio, short-term traders are looking at least 1:2 risk/reward ratio, for example, they risk $50 to earn $100.
Recommendation for the traders:
If the price jumps above 32 USD that would be a "BUY" signal and 34 USD could be a first price target. If the price drops to 26 USD support that could be a very good opportunity for the traders, they can open the position with stop-loss order below this support. If the price drops below 26 USD support that would be a strong "SELL" signal and the open way to 23 USD.