NEOUSD; Critical resistance
NEOUSD is against a broader downtrendline connecting two bigger highs (first arrow; 169.50 30-01-2018 and second arrow; 146.12 27-02-2018) today at 90.00.
Bulls need a good break and close above this line to prevent another slide from here. There are some short-term signs this market may correct somewhat from here as the RSI shows a double top (i.e. negative divergence) together with a dark cloud cover posted against the downtrendline last monday.
Such a correction can only start should the 80.00/77.00 floor give way (low end bullchannel and midline Bollinger Bands. Not a wise move to try and speculate on such a move howver; downside seems limited. Best tactic to await a downtrendline breakout and go for a 121.00 move.
Bulls need a good break and close above this line to prevent another slide from here. There are some short-term signs this market may correct somewhat from here as the RSI shows a double top (i.e. negative divergence) together with a dark cloud cover posted against the downtrendline last monday.
Such a correction can only start should the 80.00/77.00 floor give way (low end bullchannel and midline Bollinger Bands. Not a wise move to try and speculate on such a move howver; downside seems limited. Best tactic to await a downtrendline breakout and go for a 121.00 move.
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