NEO (NEO/USD) Analysis November 1, 2017
Neo continue to go sideways during the Tuesday trading session as the $30 level begins a significant amount of resistance. I believe that the $35 level above is the resistance barrier that the market needs to clear to continue to go to the upside for the longer-term. A break above the $34 level should send this market looking for the $38 level next. If we were to break above there, then I think it’s only a matter of time before we break above the vital $40 handle. In the meantime, I look at the $24 level underneath as a massive barrier, and the buyers should return if we can stay above that level. If we were to somehow break down below that level, the market would go much lower, but ultimately, I think that the upside is much more likely that the downside.
The US dollar has its influenced
The US dollar of course has is influence on the Neo market, as it is half of the equation. If the US dollar can continue to be resilient, it’s likely that the market won’t break down. It may go sideways, but not breakdown. Longer-term, I believe in Neo, as it is so favored in China. Given enough time, we should break above the $40 level, and go much higher, which should be a signal that we are ready to go to the $56 level above, as that is the measured move just waiting to happen. If we were to break down below $24, then I think $20 would be the next target and of course support level.