NEO 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 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.
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.
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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Thanks, Bob
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.