NEO Technical Analysis – Eyeing Support Levels – 27/11/18NEO sees red early on, following Monday’s slide, with the bears targeting a pullback through Sunday’s swing lo $6.84.
- NEO slid by 7.63% to $7.26 on Monday, following on from last week’s 38% sell-off to reverse Sunday’s 3.56% gain.
- A start of the day saw NEO intraday high $8.07 came up short of the day’s first major resistance level at $8.44.
- Reversing through the day, NEO fell to an intraday low $6.99, falling through the first major support level at $7.06 before finding support.
- The day’s losses on top of last week’s tumble reaffirmed the extended bearish trend formed at the end of April’s swing hi $94.65.
NEO Price Support
NEO slumped by 7.63% on Monday, reversing Sunday’s 3.56% gain with interest, to end the day at $7.26, the day’s losses coming off the back of last week’s 38% reversal.
It was a bearish start to the week, with NEO unable to follow some of the majors through a bullish morning, NEO falling from a start of a day intraday high $8.07 to a late afternoon intraday low $6.99 before finding support, the day’s high coming up short of the first major support level at $8.44.
The reversal saw NEO slide through the first major support level at $7.06 to sub-$7.00 levels for only the 2nd time since the December rallies that had seen NEO peak at $198.2.
NEO’s extended bearish trend, formed at an end of April swing hi $94.65, was reaffirmed, with NEO’s 25th November swing lo $6.84 and heavy losses pinning NEO back well below the 23.6% FIB Retracement Level of $28.
At the time of writing, NEO was down 1.87% to $7.12, with a bearish start to the day seeing NEO fall from a morning high $7.29 to a morning low $7.09 before steadying, the day’s major support and resistance levels left untested early on.
For the day ahead, a move back through the morning high $7.29 to $7.44 would be needed to support a run at the day’s first major resistance level at $7.89 to bring $8 levels back into play following Monday’s reversal, though NEO would need support from the broader market to kick in to drive a breakout from $7.4 levels.
Failure to move through the morning high $7.29 could see NEO pullback deeper into the red, with a fall through the morning low $7.09 bringing sub-$7.00 levels and the day’s first major support level at $6.81 into play before any recovery, with the second major support level at $6.36 in play should NEO slide through Sunday’s swing lo $6.84.
Looking at the Technical Indicators
Major Support Level: $6.81
Major Resistance Level: $7.89
Fib 23.6% Retracement Level: $28
Fib 38% Retracement Level: $40
Fib 62% Retracement Level: $61