Neo Breakout

Neo has broken out emphatically from $115, where it found support from the central moving average of the KRI over the weekend. This reinvigoration of momentum suggests that it is likely entering wave 3 of the impulse wave. The Kovach OBV remains bullish, but the Kovach Chande appears to have bottomed out, and is beginning to turn bullish to reflect the breakout. We have support from below at $115, then from a Fibonacci level at $110, which aligns with a Fibonacci Fan level at $110, and finally from the psychologically significant $100. Currently, Neo is testing $129, another Fibonacci level, which again aligns with a Fibonacci Fan level. After that, we must break $136, which is the upper bound of a congestion zone. After that, there are some significant obstacles in the $140's, including the upper bound of the KRI at $140, then at $144 from relative highs and a Fibonacci Fan level at $146.

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