It's a positive start to the day for NEO. Holding onto $9.00 levels through the morning could deliver more gains later in the day.
NEO fell by 0.34% on Wednesday. Partially reversing a 6.94% rally from Tuesday, NEO ended the day at $8.90.
A bearish start to the day saw NEO fall to an early morning intraday low $8.73 before finding support. Steering clear of the first major support level at $8.4233, NEO rallied to a late morning intraday high $9.14.
NEO fell short of the first major resistance level at $9.2833 before easing back to sub-$9.00 levels and a relatively range-bound afternoon.
Mixed sentiment across the broader market pinned NEO back on the day, with NEO continuing to struggle to break out from $9.00 levels.
The extended bearish trend, formed at the end of April swing hi $94.65, remained intact following last week’s 3.3% slide. NEO continued to fall well short of the 23.6% FIB of $27 following 7th December’s swing lo $5.46.
At the time of writing, NEO was up by 1.53% to $9.04. A bullish start to the day saw NEO rise from a morning low $8.87 to a high $9.05. The early rally saw NEO steer clear of the first major support level at $8.71, whilst coming within range of the first major resistance level at $9.12.
A hold onto $9.00 levels through the morning would support a breakthrough the first major resistance level at $9.12 before any pullback. Support from the broader market could see NEO rise to $9.20 levels before any pullback. We would expect NEO to come up short of $9.30 levels in the event of a breakout later in the day.
Failure to hold onto $9.00 levels could see NEO give up gains from the early hours. A fall through $8.92 levels could see NEO test the first major support level at $8.71 before any recovery. Barring a broad-based sell-off, we would expect NEO to hold well above the second major support level at $8.51. In the event of a crypto meltdown, NEO could return to Tuesday’s low $8.25 before any recovery.
Major Support Level: $8.71
Major Resistance Level: $9.12
23.6% FIB Retracement Level: $27
38.2% FIB Retracement Level: $40
62% FIB Retracement Level: $61
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.