Expecting a big move from NEO soon as the bollinger bands converge. When the upper and lower band converges, that usually foreshadows a big upward or downward movement. Seeing that NEO is close to the $27.50 mark, which used to be a level of resistance, old resistance tends to become the new support. Therefore, it would be bearish if the price dips below $27.50.
However, given NEO is on a short-term uptrend, the current consolidation and dip is healthy for the overall uptrend. The short term trading ranges are:
Upper range: $31.20
Lower range: $27.50
Dipping below $27.50 will be bearish while crossing over $31.20 could signal another leg upward.
