Key Highlights
- NEO gained 3.51% on Tuesday, partially reversing Monday’s 15.5% slide, to end the day at $16.2.
- A bearish start to the day saw NEO slide through the first major support level at $14.52 to an intraday low and new swing lo $13.68.
- Supported by a late in the day broad based market rally, NEO bounced back to an intraday high $16.26 to reduce the deficit for the week, while falling well short of the 23.6% FIB Retracement Level of $33.
NEO Price Resistance
NEO gained 3.51% on Tuesday, partially reversing Monday’s 15.5% tumble, to end the day at $16.2.
Following the broader market, Monday’s sell-off continued into the early hours of Tuesday, with NEO sliding through the first major support level at $14.52 to an intraday low and new swing lo $13.69, before steadying to a relatively range bound afternoon.
Holding at $14 levels through the afternoon eased market jitters of a more material sell-off later in the day, with a broad based market rally in the final hours seeing NEO rally to an intraday high $16.26.
In spite of late recovery, the moves through the start of the week reaffirmed NEO’s 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.
For the bulls, breaking back through to $16 levels by the day’s end and hold above the first major support level at $14.52 was the only positive on the day, though the recovery set up NEO and the broader market for a positive start to the day on Wednesday.
At the time of writing, NEO was up 1.05% to $16.24, with late Tuesday’s recovery supporting a strong start to the day, NEO rallying through the first major resistance level at $17.08 to an early morning $17.24 high, before easing back to $16 levels.
A start of a day morning low $15.86 saw NEO steer well clear of the day’s first major support level at $14.5, with NEO managing to avoid a more material pullback in spite of the early fall.
For the day ahead, holding on to $16 levels through the morning would support another run at the first major resistance level at $17.08, though we will expect NEO to continue to face plenty of selling pressure at $17 levels following Tuesday’s solid late in the day recovery that led to a more material gain on the day than most of the majors.
Failing to hold on to $16 levels through the morning could see NEO pullback to $15.38, which would bring the day’s first major support level at $14.5 into play, though we would expect NEO to hold on to $16 levels by the close in the event of a broad based market sell-off later in the day,
Looking at the Technical Indicators
Major Support Level: $14.5
Major Resistance Level: $17.08
Fib 23.6% Retracement Level: $33
Fib 38% Retracement Level: $45
Fib 62% Retracement Level: $64