NEO Technical Analysis – Resistance Levels in Play – 17/06/19NEO breaks through the first major resistance level early to look for a return to $15 levels on the day…
- NEO rose by 1.15% on Sunday. Following on from a 4.08% rally on Thursday, NEO ended the day at $14.06.
- A late morning intraday high $14.62 saw NEO break through the first major resistance level at $14.53 before easing back.
- A late afternoon intraday low $13.75 saw NEO steer clear of the first major support level at $13.51 before finding support.
- 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.
NEO Price Resistance
NEO rose by 1.15% on Thursday. Following on from a 4.08% gain on Saturday, NEO ended the day at $14.06.
A particularly bullish week saw NEO gain 22.8%, Monday through Sunday.
On the day, a bullish start to the day saw NEO rise from a morning low $13.76 to a late morning intraday high $14.62.
NEO broke through the first major resistance level at $14.53 before hitting reverse. NEO slid back to sub-$14.00 levels and a late intraday low $13.75 before finding support.
Upward momentum late in the day led to a recovery to $14 levels.
For the bulls, it was a particularly bullish week, with NEO reversing the previous week’s 18.8% slide with interest.
The move back through to $14 levels would support a run at $20 levels last seen back in September. NEO would need to break through to $40 levels, however, to begin forming a near-term bullish trend.
At the time of writing, NEO was up by 3.68% to $14.58. A bullish start to the day saw NEO rally from a morning low $14.05 to a high $14.76 before easing back.
Steering clear of the first major support level at $13.67, NEO broke through the first major resistance level at $14.54.
For the day ahead
A hold onto $14.5 levels would support a break back through the first major resistance level to bring give NEO a run at $15 levels.
NEO would need support from the broader market, however, to break out from this morning’s high $14.76.
Barring a broad-based crypto rally, NEO would likely struggle to move back through to $14.70 levels on the day.
In the event of a second break out, the second major resistance level at $15.01 would likely limit the upside on the day.
Failure to hold onto $14.50 levels could see NEO hit reverse. A fall through $14.15 levels would bring sub-$14 levels into play before any recovery.
Barring a broad-based crypto sell-off, however, NEO would likely steer clear of the first major support level at $13.67.
Looking at the Technical Indicators
Major Support Level: $13.67
Major Resistance Level: $14.54
23.6% FIB Retracement Level: $27
38.2% FIB Retracement Level: $40
62% FIB Retracement Level: $61
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