NEO Technical Analysis – Eyeing Support Levels – 01/11/18

Key Highlights

• NEO gained 1.44% on Wednesday, reversing Tuesday’s 0.91% loss, to end the day at $15.49.
• An early afternoon sell-off saw NEO slide through the first major support level at $15.12 and second major support level at $14.94 to an intraday low $14.68.
• An early afternoon rebound saw NEO break back through to $15 levels to test the day’s first major resistance level at $15.51 before easing back
• An 18.26% loss in October reaffirmed the extended bearish trend formed at the end of April’s swing hi $94.65.

How to Buy NEO

NEO Price Support

NEO gained 1.44% on Wednesday, reversing Tuesday’s 0.91% fall, to end the day at $15.49.

Along with the rest of the majors, Wednesday’s gain provided little relief, with NEO ending the month of October down 18.26%.

Tracking the broader market through Wednesday morning, NEO had a particularly range bound morning before coming under pressure from a broad based market sell-off that saw NEO slide through the first major support level at $15.12 and second major support level at $14.94 to an early afternoon intraday low $14.68 before finding support.

NEO rebounded in the early afternoon, breaking back through to $15 level to test the day’s first major resistance level at $15.51 with an intraday high $15.53 before easing back to a range bound second half of the day that saw NEO hover just shy of the first major resistance level.

October’s heavy losses reaffirmed the extended bearish trend formed at the end of 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 down 0.81% to $15.36, a bearish start to the day seeing NEO fall from a morning high $15.53 to a morning low $15.33, the early moves leaving the day’s major support and resistance levels untested.

For the day ahead, holding onto $15.3 levels through the morning would support a recovery later in the day and a run at the day’s first major resistance level at $15.79 before any pullback, the morning’s losses and downward bias likely to pin NEO back from any break through to $16 levels on the day.

Failure to hold on to $15.3 levels through the morning could see NEO give up more of Wednesday’s gains later in the day, with a fall through $15.3 bringing $14 levels and the day’s first major support level at $14.94 into play before any recovery, through any negative news hitting the crypto wires will likely bring the second major support level at $14.38 into play before any recovery, sub-$14 support levels unlikely be tested on the day.

Looking at the Technical Indicators

Major Support Level: $14.94

Major Resistance Level: $15.79

Fib 23.6% Retracement Level: $33

Fib 38% Retracement Level: $45

Fib 62% Retracement Level: $64