NEO Technical Analysis – Eyeing Resistance Levels – 24/10/18

Key Highlights

• NEO fell by 1.06% on Tuesday, reversing most of Monday’s 1.43% gain, to end the day at $16.85.
• An early morning intraday high $17.08 saw NEO fall short of the day’s first major resistance level at $17.42 before hitting reverse.
• A reversal through the morning saw NEO fall to an intraday low $16.65, holding above the day’s first major support level at $16.59 to reverse some of the day’s losses.
• NEO continued to fall well short of the 23.6% FIB Retracement Level of $33 to leave the extended bearish trend intact.

How to Buy NEO

NEO Price Support

NEO slipped by 1.06% on Tuesday, partially reversing Monday’s 1.43% rise, to end the day at $16.85.

Tracking the broader market through the early part of the day, NEO slid from an early morning intraday high $17.08 to a late morning intraday low $16.65, the moves through the early morning leaving the day’s major support and resistance levels untested.

Upward momentum through the second half of the day saw NEO move back through to $16.95 late in the day, with resistance at $17.00 pinning NEO back from another run at the day’s first major resistance level at $17.42.

The day’s reversal continued to reaffirm the extended bearish trend formed at late April’s swing hi $94.65, with NEO falling well short of the 23.6% FIB Retracement Level of $33 and more significantly, the 38.2% FIB Retracement Level of $45.

At the time of writing, NEO was up 0.49% to $16.94, with NEO moving from a start of a day morning low $16.85 to an early morning high $17.02 before easing back, NEO coming up against the day’s first major resistance level at $17.07 before the pullback, while the day’s first major support level at $16.64 was left untested.

For the day ahead, a hold above $16.8 levels through the morning would support another run at $17 levels and the day’s first major resistance level at $17.07, with the day’s second major resistance level at $17.29 very much in play, in the event of a broad based market move later in the day. Resistance at $17 has been an issue for the NEO bulls however, which may leave NEO back at sub-$17 levels by the day’s end, in the event of a breakout.

Failure to hold above $16.8 levels could see NEO pullback through the morning low $16.85 to bring the day’s first major support level at $16.64 into play before any recovery, the day’s second major support level at $16.43 unlikely to be tested barring a material shift in sentiment across the broader market that would likely stem from negative news hitting the wires.

Looking at the Technical Indicators

Major Support Level: $16.64

Major Resistance Level: $17.07

Fib 23.6% Retracement Level: $33

Fib 38% Retracement Level: $45

Fib 62% Retracement Level: $64