NEO Price Key Highlights
- NEO price recently broke out of a symmetrical triangle consolidation pattern on the 1-hour chart.
- Price is pulling back from the breakout and might be due for a retest of the broken triangle resistance.
- If the area of interest holds, NEO could gain more bullish traction and test the next upside targets.
NEO price could gain more traction on its bullish breakout if the pullback to the area of interest spurs a bounce.Technical Indicators SignalsThe 100 SMA is still below the longer-term 200 SMA to signal that the path of least resistance is to the downside. In other words, there’s still a strong chance for the selloff to continue at this point.However, NEO has moved past the 100 SMA dynamic inflection point to show a bit of bullish pressure. Price has yet to break past the 200 SMA dynamic inflection point to indicate stronger bullish momentum.RSI is on the move down, though, so there’s some selling pressure left. However, the oscillator also seems to be pulling up to indicate a potential return in bullish pressure.Stochastic is also heading south to signal that sellers have the upper hand, but the oscillator is closing in on the oversold region to signal exhaustion. Turning back up could bring buyers back in and spur a bounce.