NEO Technical Analysis – Resistance Levels in Play – 22/07/19

Bob Mason
Kiev, Ukraine, March, 13, 2018: Coins of different crypto-currencies with dollars

Key Highlights

  • NEO fell by 2.78% on Sunday. Reversing a 2.54% gain from Saturday, NEO ended the day at $12.96.
  • A mid-morning intraday high $13.61 came up short of the first major resistance level at $13.93 before hitting reverse.
  • An early afternoon intraday low $12.42 saw NEO slide through the first major support levels at $12.75
  • The extended bearish trend formed at the end of April 2018’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 Support

NEO fell by 2.78% on Sunday. Reversing a 2.54% gain from Saturday, NEO ended the day at $12.96.

A bullish start to the day saw NEO strike an early morning intraday high $13.61 before hitting reverse. Falling short of the first major resistance level at $13.93, NEO slid to an early afternoon intraday low $12.42.

The reversal saw NEO fall through the first major support level at $12.75 before finding support from the broader market.

NEO managed to move back to $13 levels before a pullback in the final hour.

On the day, the only positive was a hold above the first major support level at $12.75 at the day end.

The extended bearish trend, formed at April 2018’s swing hi $94.65 remained firmly intact. 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 0.07% to $12.97. A mixed start to the day saw NEO rise from a morning low $12.80 to a high $13.11 before easing back.

NEO left the major support and resistance levels untested early on.

For the day ahead

A move back through to $13 levels would support another run at the first major resistance level at $13.57.

NEO would need the support of the broader market, however, to break out from a move back through to this morning’s high $13.11.

Barring a broad-based crypto rally, Sunday’s high $13.61 and first major resistance level at $13.57 would likely limit any upside.

Failure to move back through to $13 levels could see NEO come under pressure. A fall through the morning low $12.80 would bring the first major support level at $12.38 into play.

Barring a crypto meltdown, however, NEO should steer well clear of sub-12.0 support levels on the day.

Looking at the Technical Indicators

Major Support Level: $12.38

Major Resistance Level: $13.57

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

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.