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NEOUSD TECHNICAL ANALYSIS That flash buy on Friday pushed NEO prices higher. However, since price movement over the weekend remained muted, the minor resistance trend line drawn from 08.10.2017 and 14.10.2017 highs and the 20 period MA is a lifeline for NEO bulls. Right now, the price is rejecting any price above $30 and continues to trend lower. Anyway, my deduction is simple, there is no buy ...
NEOUSD TECHNICAL ANALYSIS 12.10.2017 and 13.10.2017 lows of $26 will be our minor support level. Actually, a double bar reversal pattern was anchored there when yesterday’s candle closed. For now, any appreciation to gauge bullish presence will only be valid with prices closing above $33 and a stochastics buy signal in place. In the meantime, the 20 period moving average and support turned re...
NEOUSD TECHNICAL ANALYSIS After a spin and horizontal consolidation along our clear resistance trend line and the 20 period MA, sellers took charge and 12.10.2017 candlestick closed as a bear. There is also a long upper wick bouncing off resistance and this means we go short today. Place a stop loss above $32 and aim for that support zone between $14 and $20. Refer Figure 1 (Above): NEOUSD-Dai...
NEOUSD TECHNICAL ANALYSIS Including today’s candlestick, we can conclude that the last 3 candlesticks were presentative of a horizontal consolidation resulting into dojis. The technical term for such formation is a “spinning top”. In the real sense, there was reduced volatility and participation levels remain flat over the same period as shown by below average volumes. Furthermore, the pr...
NEOUSD TECHNICAL ANALYSIS Price action is held within $34 and $25 and so long as volatility doesn’t result in a strong bullish candlestick which closes above $34, we shall continue to treat this rebound as a retest following a breakout. For bear trend to be confirmed, bulls should retest $32-$34 before a correction resulting in a close below yesterday’s lows of $32 and the 20 period MA supp...
NEOUSD TECHNICAL ANALYSIS Over two days and strong bear volume spikes-at 1M, price action broke through support trend line. Stochastics are still bearish and if price manages to stay below the 20 period moving average today, then the first bear target at $20 will likely be hit. Minor Support level of $26 is acting like a neckline in that M-formation. Advised from this technical formation, selle...
NEOUSD TECHNICAL ANALYSIS As yesterday’s candlestick closed, our minor resistance level at $35 had been broken with price action testing resistance trend line at $38. It tested that level before reversing lower. Price moved $9 forming a double bar reversal pattern or a bear engulfing pattern, whichever pattern you would prefer. Also notice that this pattern was accompanied by above average vo...
NEOUSD TECHNICAL ANALYSIS Even though there was a clear job reduction in September 2017, the USD managed to stay stable. Data shows that unemployment contracted while average hourly earnings surged by 0.5% last month. Earnings data is a metric used by the Feds and is a subtle inflation indicator. Therefore, any increase should be positive for the greenback. As evidenced, price action failed to ...
