NEO Technical Analysis – Finds Support For Now – 10/09/18

Key Highlights

• NEO gained 3.41% on Sunday, partially reversing Saturday’s 8.35% tumble, to end the day at $18.49.
• An early morning intraday low $17.45 saw NEO steer clear of the day’s first major support level at $16.95.
• Tracking the broader market, a late morning rally saw NEO break through to $19 levels to come up against the day’s first major resistance level at $19.5, with an intraday high $19.43 before easing back.
• Sunday’s rise left NEO down 15.9% for the week, with the extended bearish trend firmly intact.

How to Buy NEO

NEO Price Resistance

NEO gained 3.41% on Sunday, partially reversing Saturday’s 8.35% slide, to end the day at $18.49. Sunday’s rise cut NEO’s deficit for the week, with NEO ending the week down 15.92%.

Tracking the broader market, Saturday’s sell-off continued into the early hours of Sunday, with NEO falling to an early morning intraday low $17.45 before finding support, NEO steering clear of the day’s first major support level at $16.95.

Supported by a broad based cryptomarket rally, NEO broke through to $19 levels, with a late intraday high $19.45, the late move seeing NEO come up against the day’s first major resistance level at $19.5, leading to a pullback to $18 levels by the day’s end.

The weekly losses continued to reaffirm NEO’s extended bearish trend formed back at the end of April’s swing hi $94.65, with a move back through the 23.6% FIB Retracement Level of $33 to $40 levels needed for NEO to begin forming a bearish trend reversal.

At the time of writing, NEO was down 0.42% to $18.34, with the morning being a relatively choppy one, NEO rising from a start of a day morning low $18.27 to a morning high $19.04 before pulling back, the day’s major support and resistance levels left untested early on.

For the day ahead, a move back through to $18.5 would support another run at $19 levels to bring the day’s first major resistance level at $19.46 into play, though moving back through to $18.5 in the earlier part of the day will be key to supporting a second half of a day move, the news wires needing to be on the quieter side to draw side lined investors back in.

Failure to move back through and hold above $18.5 could see NEO hit reverse later in the day, with a fall through the morning low $18.27 bringing sub-$18 levels and the day’s first major support level at $17.48 into play. Whether NEO tests sub-$17 support levels will be dependent upon the broader market and ultimately the news wires, which continue to be the key risk to investors intraday.

Looking at the Technical Indicators

Major Support Level: $17.48

Major Resistance Level: $19.46

Fib 23.6% Retracement Level: $33

Fib 38% Retracement Level: $45

Fib 62% Retracement Level: $64