Neo Faces Resistance, Still Promising

Neo has pulled back slightly from a Fibonacci Fan level which corresponds with the central moving average of the KRI at $120. We do anticipate momentum ignite again confirming entry into the third segment of the impulse of the Elliott Wave. The Kovach OBV indicates that momentum is still bullish in the long term, and the Kovach Chande continues to recede. This seems to indicate that another burst of momentum is in store for Neo. We can anticipate support from $110, and the psychologically significant $100 level. If we can break current levels from above, the next point of resistance should be a Fibonacci level at $129, then from some congestion around $136.

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