ANALYSIS
This is a risky trade as NEO is in an overall downtrend (since February) and we are looking to trade against that.
Price has dropped down to a level of support and the RSI is currently at 38 and looking oversold.
ENTRY SIGNAL/TAKE PROFIT TARGET
I would look to enter after the 4hr candle closes Bullish engulfing.
Take profit would be just below previous resistance for a rough 20% gain.
VERY tight stop loss just below previous low as we are in a downtrend.
This is a risky trade as NEO is in an overall downtrend (since February) and we are looking to trade against that.
Price has dropped down to a level of support and the RSI is currently at 38 and looking oversold.
ENTRY SIGNAL/TAKE PROFIT TARGET
I would look to enter after the 4hr candle closes Bullish engulfing.
Take profit would be just below previous resistance for a rough 20% gain.
VERY tight stop loss just below previous low as we are in a downtrend.