NEO Technical Analysis – Eyeing Resistance Levels – 27/09/18

Key Highlights

• NEO slid by 2.37% on Wednesday, following on from a 1.63% fall on Tuesday, to end the day at 17.75
• An early morning pullback saw NEO fall to an intraday low $17.41 before recovering, the morning low steering clear of the day’s first major support level at $17.33.
• Recovering through the morning, NEO broke back through to $18 levels with an intraday high $18.73, to test the day’s first major resistance level at $18.713 before falling back.
• 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 Resistance

NEO slid by 2.37% on Wednesday, following on from a 1.63% fall on Tuesday, to end the day at 17.75, the decline marking a 3^rd consecutive day in the red for NEO.

An early reversal of late Tuesday’s partial recovery saw NEO fall to an early morning intraday low $17.41 before recovering through the late morning to an early afternoon intraday high $18.73 on Wednesday, testing the day’s first major resistance level at $18.713 before pulling back through the late afternoon to sub-$18 levels by the day’s end.

Positive sentiment across the broader market failed to spur demand for NEO, with the extended bearish trend formed at the end of April’s swing hi $94.65 firmly intact as NEO continued to fall well short of the 23.6% FIB Retracement Level of $33.

At the time of writing, NEO was up 0.46% to $17.87, with NEO managing to avoid a continuation of late Wednesday’s reversal, with a move back through to $18 levels and an early morning high $18.14 before easing back. The moves through the early morning left the day’s first major resistance level at $18.52 untested, with a start of a day morning low $17.71 steering clear of the first major support level at $17.2.

For the day ahead, a move back through to $18 levels would support another run at the day’s first major resistance level at $18.52, though for NEO to find strong support through the afternoon, a move back through to $18 levels would be needed by late morning. Positive sentiment across the broader market in the early hours supporting a move, with the news wires needing to be crypto friendly to avoid a reversal.

Failure to move back through to $18 levels and hold through the late morning could see NEO pullback later in the day, with a fall through the morning low $17.71 bringing the day’s first major support level at $17.2 into play, sub-$17 support levels unlikely to be tested barring materially negative news hitting the wires.

Looking at the Technical Indicators

Major Support Level: $17.20

Major Resistance Level: $18.52

Fib 23.6% Retracement Level: $33

Fib 38% Retracement Level: $45

Fib 62% Retracement Level: $64