Neo Facing Resistance

Neo continues to pullback ever so slightly. It appears to be facing significant resistance at 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 appears to be bottoming out perhaps suggesting that momentum will reignite. We will find support from $110, and the psychologically significant $100 level if the retracement continues. 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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