Let's get it! Looking at the four hour chart, you can see that NEO has been in a nice uptrend channel , of sorts, since the low on 2/6. The top of the channel has a bit of a downward slope, but it's more of a channel than a wedge . However, there is an important development to note on this chart. I'd like to draw your attention to the 38.2% retrace (in green.) You can see that after the all time high, it was a very reactive level. It was held on several occasions, and the breakdowns were severe. This tells us that it's a major support/resistance level. In the most recent action, you can see that NEO got above, the then dropped back below, producing a rapid decline to the rising pink trendline . This rapid fall further highlights the significance of the 382, with regards to current trading action.
However, we just broke back above the 38.2% retrace, and now NEO is testing it as support. The current candle shows a small wick on the bottom, which almost touches the 382 level. From here, it is important to watch to see if the 382 becomes supportive. If it's lost, and NEO begins to fall, you can use the 20 EMA (in blue) and the 50 EMA (in orange) as initial support levels. However, a fall below the 382 will most likely result in another test of the lower pink trendline . Volume is pretty weak, but there was a decent spike in buy-side volume on the rally. The MACD is still working under a bullish crossover, as the buy-side momentum continues to expand. However, if you look at the blue dashed trendline , you can see that the 5.5 - 6ish level has been problematic for momentum. The MACD line is actually flattening a bit, just underneath this level of MACD resistance, so it will be interesting to see how momentum responds here. If the momentum drops off, we could see a consolidation above the 382, or even a break below it. Overall, keep a close eye on the 382, and the performance inside of that weird pink channel. If the 382 holds, the 23.6% retrace and the top of the channel, are the next major levels of resistance.
