NEO Technical Analysis – Eyeing Resistance Levels – 09/11/18

NEO finds early support to recover losses at the start of the day to track the broader market, though key levels will need to be hit to avoid losses later.
Bob Mason
Crypto00 567

Key Highlights

  • NEO fell by 2.44% on Thursday, following on from a 1.81% decline on Wednesday, to end the day at $16.41.
  • A start of a day intraday high $16.89 saw NEO fall short of the first major resistance level at $17.42, with the bears in control.
  • A late afternoon intraday low $16.33 saw NEO fall through the first major support level at $16.41 before finding support.
  • The mid-week losses reaffirmed the extended bearish trend formed at the end of April’s swing hi $94.65.

How to Buy NEO

NEO Price Support

NEO fell by 2.44% on Thursday, following on from a 1.81% fall on Wednesday, to end the day at $16.41, two consecutive days in the red taking NEO into negative territory for the current week.

A relatively choppy day saw NEO fall from a start of a day intraday high $16.89 to a morning low $16.41 before finding support, the early reversal seeing NEO test the day’s first major support level at $16.41 before moving back through to $16.7 levels.

Negative sentiment across the broader market ultimately weighed, with NEO sliding through the day’s first major support level at $16.41 to a late afternoon intraday low $16.33 before finding support, NEO managing to steer clear of the second major support level at $16.00 to move back through to $16.4 levels and hold at the day’s first major support level by the day’s end.

The bearish moves mid-week reaffirmed the extended bearish trend formed at late April’s swing hi $94.65, with NEO continuing to fall well short of the 23.6% FIB Retracement Level of $33.

At the time of writing, NEO was up just 0.07% to $16.43, with a particularly range bound start to the day seeing NEO fall from an early morning intraday high $16.55 to a morning low $16.33 before finding support, the early moves leaving the day’s major support and resistance levels untested.

For the day ahead, a move back through the morning high $16.55 and hold by the early afternoon would support a run at $16.6 levels to bring the day’s first major resistance level at $16.76 into play, though NEO will need to find support from the broader market to deliver a breakout later in the day.

Failure to move back through the morning high $16.55 could see NEO pullback through the 2nd half of the day, with a fall through the morning low $16.33 bringing the day’s first major support level at $16.2 into play before any recovery, sub-$16 support levels unlikely to be tested barring particularly negative news hitting the crypto wires through the day.

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Looking at the Technical Indicators

Major Support Level: $16.20

Major Resistance Level: $16.76

Fib 23.6% Retracement Level: $33

Fib 38% Retracement Level: $45

Fib 62% Retracement Level: $64

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