NEO breaks out again, this time with momentum

NEO/USD gives another breakout, on the medium charts this time.
Short term barriers didn't hold up.

Manoj B Rawal Independent Analyst

NEO price finally broke out on the slightly medium charts after earlier failed breakout which led to prices falling back below the resistance line and even the longer term chart proved difficult to sustain. (Read earlier story here)

NEO/USD is up more than 5 percent on day at $40.92, up sharply from day's low of $38.662. On the 480-minute chart, there's a lower trendline channel breakout, which was almost on the verge of a failure but bulls finally managed to claim their turf back in their hands.

This breakout has also led prices to cross major resistance on the longer term daily charts too, which means this momentum would continue for longer time.

NEO/USD 480-minute chart:

NEO/USD daily chart:

Author

Manoj B Rawal

Independent Analyst

Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.

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