NEO How to Trade

If we look at the 4H chart of NEO, we can see several trend reversal signals. Double top and a bearish divergence tell us about possible downward movement. We should be ready to see the market falling to SMA50 and SMA100. MACD also confirms downward movement. We can fix a part of profit from the previous buy signals and wait for new ones. If the market drops to SMA50 and we get a confirmed reversal signal, it will be good buy opportunity. But if the market passes through SMA50 and the previous swing low, the double top pattern will be confirmed. If SMA100 can't stop and reverse the market, we should be ready to see further downward movement to the zone between 17.50 and 15.00 levels. Alternative variant, if the price bounces from 32.00 support level and breaks the local high, it will be a buy signal. Pending orders for buy can be placed at 34.50 with stop orders at 25.30 level. Profit targets should be at 42.00 and 52.00 resistance levels.