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NEO Technical Analysis – Eyeing Support Levels – 15/10/18

By:
Bob Mason
Published: Oct 15, 2018, 05:11 UTC

It's a bearish start to the day for NEO, a hold on to $15.8 through the morning needed to avoid a reversal later in the day.

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Key Highlights

  • NEO slid by 1.5% on Sunday, reversing Saturday’s 1.65% gain, to end the week down 13.77% at $15.72.
  • An early rally saw NEO break through the first major resistance level at $16.17 and second major resistance level at $16.38 to an intraday high $16.55 before reversing.
  • A late in the day sell-off saw NEO slide to an intraday low $15.7, calling on support at the first major support level at $15.73.
  • 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 fell by 1.5% on Sunday, reversing most of Saturday’s 1.65% gain, to end the week down 13.77% at $15.72.

A bullish start to the day saw NEO rally through the day’s first major resistance level at $16.17 and second major resistance level at $16.38 to an intraday high $16.55 before easing back through the resistance levels.

Finding support through the afternoon, NEO moved back through the first major resistance level at $16.38 to an afternoon high $16.45 before being hit with a broad based cryptomarket sell-off.

The late in the day reversal saw NEO slide through to sub-$16 levels to hit an intraday low 15.7, NEO finding support at the day’s first major support level at $15.73 to avoid heavier losses on the day.

The late pullback and heavy losses for the week 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, last hit back in August.

At the time of writing, NEO was down 0.06% to $15.83, with NEO recovering from a start of a day fall to a morning low $15.52 to a morning high $15.85, the moves through the early morning leaving the day’s major support and resistance levels untested.

For the day ahead, holding on to $15.8 levels through the morning would support a run at $16.00 levels later in the day to bring the first major resistance level at $16.28 into play, with any broad based market rally through the day likely to see NEO test the day’s second resistance level at $16.84 before pulling back, $17 levels unlikely to be hit through the day, barring particularly positive news hitting the wires.

Failure to hold on to $15.8 levels through the morning could see NEO pullback through the morning low $15.52 to call on support at the first major support level at $15.43, with the day’s second major support level at $15.14 in play should sentiment across the broader market deteriorate through the day.

NEOUSD 15/10/18 Daily Chart

Looking at the Technical Indicators

Major Support Level: $15.43

Major Resistance Level: $16.28

Fib 23.6% Retracement Level: $33

Fib 38% Retracement Level: $45

Fib 62% Retracement Level: $64

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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