Price has advanced inside the Cloud and broken above a wide
descending channel. Currently the projected Cloud is still bearish
which normally will add resistance and make a breakout less likely
to succed at a first attempt. But because of the channel break we
still might see a breakout from here. Some minor resistance is just
below 150 and then we have the 170 top from late January.
To the downside, we might see a pullback from current level, 140,
to retest the channel top and the 125 level. If price moves below
that level next support is the lower Cloud at 115.
Bulls are content right now on the back of the channel break and
excpect continuation higher as the Feb 20 high
has been taken out and technically there is a higher
high in place (even if its just with a few cents at this point).
Furthermore, worth noticing is that price has only closed below the
Cloud once during this recent slump, but else has stuck to trading
inside the Cloud, in a pure consolidating manner.
Overall, Neo is looking strong and with a failed bearish MACD cross
which is now turning up again, the bias is to the upside.
descending channel. Currently the projected Cloud is still bearish
which normally will add resistance and make a breakout less likely
to succed at a first attempt. But because of the channel break we
still might see a breakout from here. Some minor resistance is just
below 150 and then we have the 170 top from late January.
To the downside, we might see a pullback from current level, 140,
to retest the channel top and the 125 level. If price moves below
that level next support is the lower Cloud at 115.
Bulls are content right now on the back of the channel break and
excpect continuation higher as the Feb 20 high
has been taken out and technically there is a higher
high in place (even if its just with a few cents at this point).
Furthermore, worth noticing is that price has only closed below the
Cloud once during this recent slump, but else has stuck to trading
inside the Cloud, in a pure consolidating manner.
Overall, Neo is looking strong and with a failed bearish MACD cross
which is now turning up again, the bias is to the upside.
