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NEO Technical Analysis – Bears Back in Control – 11/07/18

It’s another bearish start to the day for NEO that has bucked the early trend and seen Tuesday’s sell-off continue through the morning. Gains elsewhere could support a bounce back though there will be plenty of resistance at key levels.
Bob Mason
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Key Highlights

  • NEO slumped by 8.46% on Tuesday, following Monday’s 6.87% fall, to end the day at $33.32.
  • The day’s high $36.8, at the start of the day, came up short of the first major resistance level at $38.32, as Monday’s sell-off continued through the day on Tuesday.
  • NEO slid through the day’s first major support level at $35.24 and second major support level at $34.16 to a late in the day intraday low $32.52 before recovering to $33 levels.

How to Buy NEO

NEO Price Support

NEO slumped by 8.46% on Tuesday, following Monday’s 6.87% slide, to end the day at $33.32.

The reversal from $40 levels struck through last week’s rally, saw NEO continue Monday’s second half of the day fall through Tuesday morning and late afternoon, Tuesday’s intraday high $36.8 coming at the start of the day.

A day long reversal saw NEO slide through the day’s first major support level at $35.24 and second major support level at $34.16 to an intraday low $32.52 before recovering to $33 levels at the day’s end, the late Sunday and early part of the week pullback reaffirming the extended bearish trend formed at the end of April’s swing hi 94.65.

With Tuesday’s intraday high falling short of the day’s first major resistance level at $38.32 and well short of the 23.6% FIB Retracement Level of $43, the bears are certainly in control as NEO looks to bring sub-$30 levels back into play, which will test investor resilience through the week.

At the time of writing, NEO was down 0.81% to $32.99, with a start of the day move through to an intraday high $34.74 coming up short of the day’s first major resistance level at $35.91, leading to a pullback to a morning low $31.9 that held just above the day’s first major support level at $31.63, before recovering to $32 levels.

For the day ahead, a move back through the morning’s $34.74 high would support a run at the first major resistance level at $35.91, with NEO likely to find some support from the likes of Bitcoin and Bitcoin Cash should they hold on to early gains, though we would expect NEO to face strong resistance at $35 that could thwart any mid-week recovery.

Failure to break back through the morning’s high $34.74 to $35 levels could see NEO take a bigger hit in the late morning and early afternoon, which would bring the day’s first major support level at $31.63 into play to raise the prospects of a return to sub-$30 levels for the first time since 1st July, a failure by NEO to track the broader market adding further downward pressure through the morning.

Looking at the Technical Indicators

Major Support Level: $31.63

Major Resistance Level: $35.91

Fib 23.6% Retracement Level: $43

Fib 38% Retracement Level: $53

Fib 62% Retracement Level: $69

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