Outlook on NEO
Neo has seen massive gains this last couple weeks after hitting a bottom around $44. Currently it is trading for around $83 but more importantly it has just broken out of a major trend-line. If you take a look at the chart below, you can see NEO is just peaking out of the long term downtrend we had been trading within. Also on the chart I marked with horizontal lines the previous highs and lows of each chart. As you can see it has broken through the previous high. This might still be making a flat pattern so we will have to wait and see what this chart does in the coming days to weeks.
For right now and immediate trading purposes I would be looking for a little more of a push upwards and then see a healthy pull back onto this trend-line. There are a lot of different possible patterns this chart could make and I will show you some different possibilities in the following images.
For this first image, I think there is a good possibility we could be trading within a running flat pattern. If this is the case then we should see a pull back that will continue to fall before it finds a bottom. We saw a pattern like this occur in Bitcoin and LTC after their major downtrends so it is highly plausible that these follow in the same footsteps.
The other scenario I can see is just a normal pull back and another impulse move upwards. If you are looking to enter this trade I would wait for that pull back before entering. However, be careful because that pull back could turn into a downward move and you would hate to get stuck in that downward move so wait for a breakout and place your stops appropriately in order to protect your butt!
I hope you enjoyed my analysis and if you have any questions or concerns leave them in the comments and I will get back to you as soon as I can. As always have a great day and an even better one trading.
Check out some of my other posts:
S&P 500: https://steemit.com/steem/@ricjames/update-s-and-p500
RIG: https://steemit.com/steem/@ricjames/trade-update-rig
DIS: https://steemit.com/steem/@ricjames/great-trade-set-up-disney