NEOUSDT is currently testing resistance around $6.66 with RSI in overbought territory, which could trigger a short-term pullback.A 0.5–0.618 retracement into the unmitigated hourly FVG ($6.39–$6.47) could provide a compelling long entry, while allowing an RSI reset and potentially forming an IH&S pattern.
The measured target for a breakout above ~$6.66 would be ~7.00 (still valid in case of a direct breakout without a pullback).
Setup 1
• Trigger: Pullback to $6.39–$6.47 and reversal
• Invalidation: Sustained break below $6.39
Setup 2
• Trigger: Break above $6.66 with volume
• Invalidation: Failure to hold $6.66 after breakout
Trade active
Gave us the entry we were looking for, over 7:1 R/R with a tight stop below FVG / 0.618.Trade closed: stop reached
Trade stopped by a deeper retrace than expected.The IH&S was otherwise confirmed and NEO is now attempting to break above the neckline at $6.66.
A breakout now would confirm the $7.00 target.
Note
Breakout confirmed, target is $7.00 and invalidation is sustained break back below the neckline at $6.66.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.