As we predicted, Neo eventually found some resistance at the upper bound of the KRI after its significant December rally. It is currently hovering in the $100 handle, $102 at the time of this writing. Although we’ve seen two long legged doji candles on the day chart, which portends a retracement, Neo seems reluctant to give up the $100 handle. It faces resistance from the KRI at about $108, which also corresponds with a Fibonacci Fan level. If it breaks out from here, we won’t have resistance until $140 or so, but these resistance levels are strong. We have support from below at about $95, the 0.618 Fibonacci Fan level.
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