NEO Technical Analysis – Back on the Slide – 15/06/18

Key Highlights

• NEO gained 7.49% on Thursday, reversing most of Wednesday’s 7.76% slide, to end the day at $40.78.
• NEO’s intraday low $37.39, struck through the middle part of the day, held above the day’s first major support level at $35.3, supporting an afternoon rebound to $40 levels.
• An intraday high $41.98 saw NEO break through the day’s first major resistance level at $41.04, before easing back late in the day to $40 levels.

How to Buy NEO

NEO Price Support

NEO gained 7.49% on Thursday, reversing Wednesday’s 7.76% fall, to end the day at $41.98.

A morning rally saw NEO move back through $40 levels to a morning high $40.74, before a mid-day pullback saw NEO slide to an intraday low $37.39, the day’s low holding well above the first major support level at $35.3.

Avoiding the day’s first major support level saw NEO recover to an intraday high $41.98, breaking through the day’s first major resistance level at $41.04, while falling short of the 23.6% FIB Retracement Level of $50 to leave the extended bearish trend intact despite the day’s gains.

A late in the day pullback saw NEO ease back to $40 levels by the close, the positive for the day being a recovery to $40 levels following Wednesday’s new swing lo $35.73.

At the time of writing, NEO was down 3.72% to $39.12, the morning’s high $40.8 coming at the start of the day, with Thursday’s late in the day reversal continuing into the early hours of this morning.

A fall through to a morning low $38.9 saw NEO hold above the day’s first major support level at $38.12 to recover to $39 levels, while NEO was unable to move back through to $40 levels, with sentiment across the broader market weighing through the morning.

For the day ahead, a move through to $40 would support another run at the day’s first major resistance level at $42.71, though sentiment across the broader market will need to materially improve for NEO to move through to $42 levels later in the day.

Failure to recover from the morning’s losses and move back through to the morning’s $40.8 high through the early afternoon would likely see NEO pullback through the day’s first major support level at $38.12 to $37 levels before any recovery, Thursday’s moves having provided investors with little incentive to move back as regulators continue to pressure the market.

Looking at the Technical Indicators

Major Support Level: $38.12

Major Resistance Level: $44.64

Fib 23.6% Retracement Level: $50

Fib 38% Retracement Level: $58

Fib 62% Retracement Level: $72