NEO has printed what seems to be a clear Head & Shoulders pattern on the 4 Hourly - this is often characteristic of am imminent bearish scenario. However, for this to take place, NEO needs to break below the neckline to complete the H&S. The bearish case is for the projected neckline to coincide perfectly with the lower support level (in red) to complete a possible 'double bottom'.
Nonetheless, the bullish scenario would be for NEO to bounce on this neckline to retest its previous high (in green).
Happy trading out there :)
Nonetheless, the bullish scenario would be for NEO to bounce on this neckline to retest its previous high (in green).
Happy trading out there :)