NEO Technical Analysis – Resistance Levels in Play – 14/05/19

NEO is on the move. The first bull target is at hand, but a breakthrough $14 levels may be a step too far.
Bob Mason
Ripple, Dash coin, Bitcoin, Monero and Ethereum

Key Highlights

  • NEO gained 4.4% on Monday. Reversing a 4.11% loss from Sunday, NEO ended the day at $9.72.
  • A start of a day intraday low $9.27 saw NEO hold above the first major support level at $9.99 before finding support.
  • An early afternoon intraday high $10.03 saw NEO break through the first major resistance level at $9.83 before easing back.
  • 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 7th December’s new swing lo $5.46.

How to Buy NEO

NEO Price Resistance

NEO rallied by 4.4% on Monday. Reversing a 4.11% slide from Sunday, to end the day at $9.72.

Bullish from the start of the day, NEO rallied from an intraday low $9.27 to an early afternoon intraday high $10.03.

Steering well clear of the major support levels, NEO broke through the first major resistance level at $9.83 to hit $10.00 levels before easing back.

The extended bearish trend, formed at the end of April swing hi $94.65, remained intact. 4-weeks in the red out of the last 5 saw NEO lay well short of the 23.6% FIB of $27 following 7th December’s swing lo $5.46.

For the bulls, there’s been a material shift in sentiment across the broader market. While some caution is needed, momentum could deliver a miraculous week should the news wires remain crypto friendly.

A move back through to $14 levels would be needed for NEO to resume its upward trend towards $20 levels last seen back in September. NEO would need to break through to $40 levels to begin forming a near-term bullish trend.

At the time of writing, NEO was up by 6.72% to $10.37. A particularly bullish start to the day saw NEO rally from a morning low $9.65 to a high $10.44 before easing back.

Holding well above the day’s major support levels, NEO broke through the first major resistance level at $10.08 before easing back.

 

For the day ahead

A hold above $10.20 levels through the morning would support a run at the second major resistance level at $10.43.

NEO would need support from the broader market, however to breakout from $10.00 levels for the 2nd time in the day. In the event of a second crypto wave, NEO could take a run at $11.00 levels before any pullback.

Failure to hold onto $10.00 levels could see NEO hit reverse. A pullback through $9.67 would bring the first major support level at $9.32 into play before any recovery.

Barring a crypto meltdown, however, we would expect NEO to avoid sub-$10.00 levels on the day.

Looking at the Technical Indicators

Major Support Level: $9.32

Major Resistance Level: $10.07

23.6% FIB Retracement Level: $27

38.2% FIB Retracement Level: $40

62% FIB Retracement Level: $61

Please let us know what you think in the comments below

Thanks, Bob

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