NEO has broken out of its falling wedge pattern to the upside. The target is 220, representing a 55% return.The breakout also represents the continuation of the short term uptrend and is supported by a bullish signal on the MACD.
On the negative side, breakout volume is low, increasing the chance of breakout failure.
Stop losses should be placed below the breakout area at around 106 (below a strong support area) or slightly higher for people with lower risk tolerance.
Note
This trade was stopped out today.Note
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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.