NEO has pulled back sharply from its recent lows of $49.04. This shows that the markets have rejected the breakdown and the lower levels. We expect a stiff resistance at the $86 levels.
If the NEO/USD pair finds support at the $65 mark during the next dip, it will signal a bottom formation and can be purchased with a stop below $48.
But if the price continues to march higher, then $90 is a good level to enter long positions with an initial stop loss of $70, which can be raised later. Our first target objective is a move to $115, where we anticipate selling. If NEO breaks out of $120, the momentum should pick up and push prices towards $140 levels.