NEO Technical Analysis – Resistance Levels in Play – 25/06/19

NEO sees red early on. Avoiding $17.50 levels through the morning could see NEO bounce back, but support would need to come from the broader market.
Bob Mason
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Key Highlights

  • NEO rallied by 6.17% on Monday. Reversing a 3.93% fall from Sunday with interest, NEO ended the day at $17.9.
  • A start of a day intraday low $16.16 saw NEO test the first major support level at $16.22 before finding support.
  • A late morning intraday high $18.45 saw NEO break through the first major resistance level at $18.18 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 rallied by 6.17% on Monday. Reversing a 3.93% fall from Sunday with interest, NEO ended the day at $17.9.

A bearish start to the day saw NEO fall through the first major support level at $16.22 to an intraday low $16.16 before finding support.

Rallying through the morning, NEO struck a late morning intraday high $18.45 before easing back to sub-$18.00 levels.

The morning rally saw NEO break through the first major resistance level at $18.18. Range-bound through the 2nd half of the day, NEO failed to hold onto $18 levels, which proved to be the key resistance level of the day.

For the bulls, the bullish start to the week came off the back of a 20% rally in the week ending 23rd June.

The move back through to $18 levels would support for 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 down by 1.34% to $17.66. A choppy start to the day saw NEO rise to a morning high $18.15 before hitting reverse. Falling short of the first major resistance level at $18.85, NEO fell to a morning low $17.55 before finding support.

In spite of the pullback, NEO managed to steer clear of the first major support level at $16.56 early on.

For the day ahead

A hold above $17.5 levels through the morning would support a return to $18.00 levels later in the day. NEO would need support from the broader market, however, to take a run at the first major resistance level at $18.85.

Barring a broad-based crypto rally, NEO would likely come up short of $18.00 levels on the day.

In the event of a crypto rally, Sunday’s high $18.86 would likely pin NEO back from a move through to $19.00 levels.

Failure to hold above $17.5 levels could see NEO test the first major support level at $16.56 before any recovery.

Barring a crypto meltdown, NEO would likely steer clear of sub-$16.00 support levels on the day.

Looking at the Technical Indicators

Major Support Level: $16.56

Major Resistance Level: $18.85

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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