NEO Technical Analysis – Resistance Levels in Play – 10/04/19

Key Highlights

• NEO slid by 4.3% on Tuesday. Following on from a 1.54% fall from Monday, NEO ended the day at $12.25.
• A start of a day intraday high $12.8 saw NEO fall short of the first major resistance level at $13.46 before hitting reverse.
• A mid-morning intraday low $11.94 saw NEO fall through the first major support level at $12.14.
• The extended bearish trend formed at the end of April’s swing hi $94.65 remained firmly intact. NEO continued to fall well short of the 23.6% FIB Retracement Level of $27 following 7^th December’s new swing lo $5.46.

How to Buy NEO

NEO Price Resistance

NEO slid by 4.3% on Tuesday. Following on from a 1.54% fall from Monday, NEO ended the day at $12.25.

Tracking the broader market, NEO fell from an intraday high $12.8 to a mid-morning intraday low $11.94 before finding support.

Falling short of the major resistance levels, NEO fell through the first major support level at $12.14 to $11 levels before finding support.

NEO managed to strike a mid-day $12.65 before easing back into a range-bound 2^nd half of the day.

The day’s losses marked a 4^th consecutive day in the red, with NEO back to sub-$12.00 levels for the first time since 4^th April.

The extended bearish trend, formed at the end of April swing hi $94.65, remained intact in spite of 7-weeks in the green out of the last 9. NEO continued to fall well short of the 23.6% FIB of $27 following 7^th December’s swing lo $5.46.

At the time of writing, NEO was up 2.65% to $12.58. A particularly bullish start to the day saw NEO rise from a morning low $12.2 to a high $12.70 before easing back. Steering clear of the major support levels, NEO came up against the first major resistance level at $12.72.

For the day ahead

A hold above $12.40 levels through the morning would support upward momentum through the second half of the day. A break through the first major resistance level at $12.72 would bring Tuesday’s high $12.8 into play before any pullback.

Barring a broad-based crypto rally, however, we would expect NEO to come up short of $13 levels and the second major resistance level at $13.19.

Failure to hold above $12.40 levels could see NEO fall through the morning low $12.20 to bring sub-$12 levels into play.

Barring a crypto meltdown, however, NEO would likely steer clear of the first major support level at $11.86. In the event of a meltdown, NEO could test the second major support level at $11.47 before any recovery.

Looking at the Technical Indicators

Major Support Level: $11.86

Major Resistance Level: $12.72

23.6% FIB Retracement Level: $27

38.2% FIB Retracement Level: $40

62% FIB Retracement Level: $61

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Thanks, Bob