NEO has finally bounced off the bottom and indicators favour a bullish momentum developing.
1. PPO Bounced once again on the bullish trendline that intially showed the bullish divergence 2. Ichimoku cloud has crossed bullish and price has entered the kumo. A cross to the other edge is likely and it will signify important bullish cross on longer timeframes. 3. A descending wedge has formed with bullish bias. 4. RSI and CCI still indicate a bullish momentum 5. MACD is neutral
Bullish scenario
A bullish break of the rising wedge will help to push the price to the other side of the kumo starting a long awaited bull run for NEO.
Initial target is at +12% and long term targets as per my previous analysis once we break the big support line (now resistance) depicted at the top of the chart.
Bearish scenario
A bearish break of the wedge could take us back to the baseline where we started this bounce.