Note, we are not telling you to take a short position. But are simply providing our thoughts.
1-day time frame
I will be scaling into a short position on neo with a tight stop above resistance. There may be a double bottom pattern forming. BB%B suggests we can expand more. However, MACD indicates buy pressure is weakening, and we are waiting to confirm a bearish cross. The Middle Band acts as solid support. However, Volume seems weak, and we can view a scenario where we tap near the Lower Band before deciding our next move. The RSI is below 70%, which is not necessarily bullish. We will be mindful of the scenario as buy volume can accelerate. We will take profits and lower S/L for-profit along the way if the opportunity presents itself.
Play safe, Follow, and leave a like If you want more of this content.
Best wishes,
HONEYITSGONE!
1-day time frame
I will be scaling into a short position on neo with a tight stop above resistance. There may be a double bottom pattern forming. BB%B suggests we can expand more. However, MACD indicates buy pressure is weakening, and we are waiting to confirm a bearish cross. The Middle Band acts as solid support. However, Volume seems weak, and we can view a scenario where we tap near the Lower Band before deciding our next move. The RSI is below 70%, which is not necessarily bullish. We will be mindful of the scenario as buy volume can accelerate. We will take profits and lower S/L for-profit along the way if the opportunity presents itself.
Play safe, Follow, and leave a like If you want more of this content.
Best wishes,
HONEYITSGONE!
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Double top **
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Try to DCA into this near the top of range, and don't buy at one price. S/L above resistance.
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Use green horizontal lines as potential targets. Remember if this was to play out nothing goes down in a straight line so take profit along the way and look for a better entry if the opportunity presents itself.
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Beware of relief pumps may happen on the H1
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Consider taking profits and lowering your S/L for profit. You can always find a new/ Safer entry.
