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

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 2^nd 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.

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