NEO has bounced well. This should have been expected due to the bearish swing failure + bullish divergence all the way from mid-March to early April.
However, even when it entered & stayed in the oversold territory, a good entry point was not established until a week ago. This just shows that momentum indicators can be leading by too wide a margin.
At the moment, we have the exact opposite: bullish swing failure (almost, perhaps not confirmed) + bearish divergence.
It does look like NEO has lost its lustre from 2017 in terms of outgunning the market. It's still a good investment with good entry, but 100x is unlikely.
I expect $70-75 to be heavy resistance (50 / 200D MA). Death cross is incoming.
Very likely we'll see a double top forming around $70 with neckline around $60. This will send NEO back down to at least $50.
We can then assess whether it's a double bottom or further drop.
However, even when it entered & stayed in the oversold territory, a good entry point was not established until a week ago. This just shows that momentum indicators can be leading by too wide a margin.
At the moment, we have the exact opposite: bullish swing failure (almost, perhaps not confirmed) + bearish divergence.
It does look like NEO has lost its lustre from 2017 in terms of outgunning the market. It's still a good investment with good entry, but 100x is unlikely.
I expect $70-75 to be heavy resistance (50 / 200D MA). Death cross is incoming.
Very likely we'll see a double top forming around $70 with neckline around $60. This will send NEO back down to at least $50.
We can then assess whether it's a double bottom or further drop.
Commento:
forgot to draw the lines but should be ok with the texts
Commento:
going up for the potential double top now
will verge exit?
will verge exit?
