Looking at the lifetime chart of NEO, obvious uptrend with possibility to reach new ATH in the next several weeks. All time uptrend support wedging in with resistance at Fib. 0.618.
3 tests of resistance, priming for significant breakout. If the support holds, I'll wait for breakthrough of the Fib. .618.
If it breaks through and the price is near the EMA 20, I'll buy with stop-loss just under the Fib. .618. If my predictions ring true, that line will function as the new support. Please post your opinion if you believe it would be better to set the stop-loss just under the longterm support line. This would increase risk but possibly be a more viable support for the movement which will take place.
If the price breaks through the lower support, I will have a bullish stance on the next phase for NEO.
This is my first TA.... entered this world of trading about 4 days ago. Would appreciate any feedback on this!
3 tests of resistance, priming for significant breakout. If the support holds, I'll wait for breakthrough of the Fib. .618.
If it breaks through and the price is near the EMA 20, I'll buy with stop-loss just under the Fib. .618. If my predictions ring true, that line will function as the new support. Please post your opinion if you believe it would be better to set the stop-loss just under the longterm support line. This would increase risk but possibly be a more viable support for the movement which will take place.
If the price breaks through the lower support, I will have a bullish stance on the next phase for NEO.
This is my first TA.... entered this world of trading about 4 days ago. Would appreciate any feedback on this!
Comment:
Mean to say bearish at the end there... if it breaks through long=term support.
Comment:
Update: Seems to be breaking below the upward trending all time support. It may be retracing back toward the fib .786.. perhaps to retest the high of the first breakthrough peak back on June 19. May pump upward from there, or it may break through the fib .786 support in which case its more bearish.