Key Highlights
- NEO rose by 0.36% on Wednesday. Following on from a 2.9% gain on Tuesday, NEO ended the day at $11.03.
- An early afternoon intraday low $10.88 saw NEO hold above the first major support level at $10.65.
- A late in the day intraday high $11.28 saw NEO come up against the first major resistance level at $11.24 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.
NEO Price Resistance
NEO rose by 0.36% on Wednesday. Following on from a 2.9% gain on Tuesday, NEO ended the day at $11.03.
A relatively bullish start to the day saw NEO rise to an early morning high $11.13 before pulling back. The pullback saw NEO slide to an early afternoon intraday low $10.88.
Falling short of the first major resistance level, NEO also managed to hold above the first major support level at $10.65.
Following a relatively range-bound afternoon, NEO rallied to a late intraday high $11.28 before easing back. The first major resistance level at $11.24 limited the upside on the day.
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 10. 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 3.13% to $11.38. A particularly bullish start to the day saw NEO rally from a morning low $11.04 to a high $11.42. Steering clear of the major support levels, NEO broke through the first major resistance level at $11.25 to come within range of the second major resistance level at $11.46.
For the day ahead
A hold onto $11.30 levels through the morning would support another breakout later in the day. A move back through to $11.40 levels would bring the second major resistance level at $11.46 into play. Support from the broader market would be needed, however, for NEO to breakout from $11.40 levels.
Barring a broad-based crypto rally, NEO will likely come up short of $11.50 levels on the day.
Failure to hold onto $11.30 levels could see NEO hit reverse. A pullback through to sub-$11.10 levels would bring the first major support level at $10.85 into play.
Barring a broad-based crypto reversal, however, NEO will likely steer clear of sub-$11.00 levels on the day.
Looking at the Technical Indicators
Major Support Level: $10.85
Major Resistance Level: $11.25
23.6% FIB Retracement Level: $27
38.2% FIB Retracement Level: $40
62% FIB Retracement Level: $61
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Thanks, Bob