NEO Technical Analysis – Resistance Levels in Play – 18/04/19

NEO is on the move early. Support from the broader market could bring $11.50 levels into play later in the day…
Bob Mason
Ripple, Dash coin, Bitcoin, Monero and Ethereum

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.

How to Buy NEO

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

Please let us know what you think in the comments below

Thanks, Bob

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