Paula:
Excuse me for interfering. I don't consider myself an expert on charts or TA, but I guess I have some "experience" about it since I have been looking at them since the early sixties.(It will be 40 yrs. soon)
About NEOT:
It has been on a frank and steady down-trend since it made a major top on the last two days of Oct. and first week of November.
It closed at the H for the day{10} on Oct.31 on a volume of 112,300, but the next day {Nov,1} the intra-day H was 9.68 and it closed at 8.87 on volume of 57,900.
It tried to rally on Nov.2 & Nov.3 On Nov.2 it closed again at the H for the day {9.37}and on Nov. 3 the intra-day H was 9.87 but it closed at 9.50 on volume of 137,300.
After the weekend,on Nov.6 it completed what the "technicians" call a "head & shoulders" formation. The intra-day H that day was 9.68 and it closed at 7.31 on volume of 376,900.
Since that day, as I mentioned, it has had a steady down course until yesterday's L of 2.25 at 1.30PM and at the close.
Today it opened with a good up-gap with an intra-day H of 3 in the first 15 minutes of trading.
The first 15 min. volume of 239,100 is the heaviest it has had for some time.It closed some of the early up-gap at 2.15PM (at 2.56)but it recovered in the next 15 minutes up to 2.62 with a 15 min. volume of 243,100
As far as the immediate outlook, IMHO, it probably needs more of a "base" taken into account the rather long down-trend. It certainly has to close above today's early H of 3 and then has to deal with "resistance" from the Jan.19 H at 3.59 and the Jan.17 intra-day double top at 3.62
The next "resistance" will be then the Jan.4 H at 4.75
I don't know if all of the above is or will be of any help to you.
Of course "charts" help, but you have to make some DD and look at the "fundamentals" and "earnings potential" which are the ones that are really important.
Bernard |
