NEO has broken below the 50-day SMA
, the critical support of $93, but it saw a huge buying at $63 level which is 78.6 percent Fibonacci retracement
levels of the recent rally from $25 to $200. It bounced back quickly to $123 and gained huge profit.
As shown from the chart, although NEO went above 50-day SMA
and $93 level again it stopped by the trendline
which acts now as a resistance. We believe that breaking up the trendline
will confirm the bullish
view on NEO.
On the other hand, any dips will find support from $93 level thereafter the 100-day SMA