NEO Technical Analysis – Going Bearish or Just Consolidating – 01/05/18

Key Highlights

• NEO slid 7.47% on Monday, partially reversing Sunday’s 18.39% gain, to end the day at $83.97.
• A start of the day intraday high $94.65 fell short of the day’s first major resistance level of $97.09, while NEO also managed to avoid the day’s first major support level of $80.4, with an intraday low $82.
• In spite of a broad market sell-off, NEO managed to also hold off testing buyer appetite at the 23.6% FIB Retracement Level of $81.3

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How to Buy NEO: The Complete Guide

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NEO Price Support

NEO tumbled 7.47% on Monday, partially reversing Sunday’s 18.39% gain, to end the day at $83.97. The day had started on a high note for NEO, moving through to an intraday high and new swing hi $94.65 within the first hour, before a morning slide that led NEO down to a morning low $83.5 pressured by the day’s cryptomarket wide sell-off.

The morning’s $83.5 low managed to avoid testing the day’s first major support level of $80.4 and 23.6% FIB Retracement Level of $81.3, which provided some support for NEO through the middle part of the day, before a late in the day pullback saw NEO slide to a day low $82.

NEO’s slide through the day may have been on the heavier side relative to the other majors, but when factoring in Sunday’s rally through to $90 levels and hold above key support levels on Monday, NEO’s bullish trend looks more intact than most, the bullish trend having formed at 6^th April’s swing lo $44.16.

At the time of writing, NEO was down 3.25% to $81.26, with the damage being made at the start of the day, NEO sliding from an opening $83.95 to a morning low $78.19, before recovering to $80 levels.

The moves through the start of the day saw NEO slide through the 23.6% FIB Retracement Level of 82.7 and first major support level of $79.1 before support kicked in, NEO tracking the broader market in the early hours.

For the day ahead, a breakout from the 23.6% FIB Retracement Level of $82.7 would support a run at the morning’s $84.03 high, with any shift in sentiment across the broader market later in the day likely to see NEO make a move back towards $90 levels to bring the first major resistance level of $91.8 into play

Negative sentiment across the market through the 2^nd half of the day could see NEO take a bigger bite out of Sunday’s gains, with the day’s 2^nd major support level of $74.2 likely to come into play before any steadying.

As things stand, the steadying from the start of the day slide supports a second half of the day rebound, with buying appetite likely to build at $82 levels, NEO’s bullish trend needing more than a Tuesday morning tumble to be reversed.

Looking at the Technical Indicators

• Major Support Level: $79.1
• Major Resistance Level: $91.8
• Fib 23.6% Retracement Level: $82.7
• Fib 38% Retracement Level: $75.4
• Fib 62% Retracement Level: $63.5