NEO - More Downside??

Jan 21, 2018

I'm not actively trading NEO, but i'm looking to pick up some for the LONG HOLD. If I had been smart i would have picked a bit up last week on that very nice correction down to around $93.

However, after taking a look at the charts and adding my zones, fibs, and some S/R they are telling me that price action just might want to go lower once again.

On the 1HR chart and lower we are under the 200EMA and we've just broken it on the 2HR. This tells me there is downside pressure on NEO. The 200 is sitting around the 115ish area on the 3HR and i have a feeling price action wants to test this.

Moving back up to the 4HR, i believe we have a clear path to get there. Overall, i think we could see sub $100 on NEO.

I might be a little over reaching here, but i believe we could quite possibly see $80 or damn near close within the next week or so. At least that's my target to enter and i'm perfectly ok with seeing how the week plays out, but i do think $95 is definitely on the table.

Jan 22, 2018

Trade active

So this morning, we've seen a break of the support level i posted on last night. We are currently testing that level, as i write this update. If it holds, i believe we'll move down to test the next level of support.

All lower level charts are telling me more downside is on the horizon; downward sloping MAs with good separation.

Not to mention, i think price action wants to test that 200EMA on the 4HR, which is in the $105 price area.

While i think sub $100 is in our future, we'll need to watch price action to see how this play out and whether, i need to rethink that possibility, but at present, i think it will happen.

30Min


4HR

Jan 22, 2018

Trade active

Price moved down to test my second support trendline to the "T". I'll be watching for price action to move to $100 and lower.

Likely i will add to possition at first grey zone and then again if we get to my overall target area of $85-$80

Jan 24, 2018

Trade closed manually

As i check this morning, NEO has moved up above my up level resistance zone, which i expect now that this current candle will close above this area (50 Mins left).

My original thoughts on this post was that we could possibly see a move down to the $85 - $80 range and while we did get down to my first support level just about $105, we didn't see a continued move down.

This morning, we are seeing a nice run on the 1HR, a break of 200EMA (a couple of closes). On 2HR we've broken the 200 as well, and on the 3HR after testing below the 200 we've clearly moved to the upside.

I'll be closing this post and looking to reevaluate NEO in terms of looking for another dip to get in on.