NEO is on the move. The bulls will be eyeing $10.00 levels after an early high $9.97...
NEO slid by 4.49% on Thursday. Following on from a 2.81% fall on Wednesday, NEO ended the day at $9.57.
A relatively bullish morning saw NEO rise from a morning low $9.95 to a high $10.41 before easing back.
Coming within range of the first major resistance level at $10.49, NEO fell back to sub-$10.10 levels before bouncing back to an intraday high $10.43.
A broad-based crypto sell-off late in the day did the damage, however. NEO slid to a late intraday low $9.41 before steadying. The reversal saw NEO fall through the first major support level at $9.53.
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 11. NEO continued to fall well short of the 23.6% FIB of $27 following 7th December’s swing lo $5.46.
For the bulls, it’s been a mixed start to the 2nd quarter. Following a bullish 1st week that saw NEO rise to $14 levels, it’s been downhill all the way. A move back through to $14 levels would be needed for NEO to resume its upward trend towards $20 levels last seen back in September.
At the time of writing, NEO was up by 1.18% to $9.69. A choppy start to the day saw NEO recover from a morning low $9.37 to strike a morning high $9.97 before easing back.
In spite of the choppy start, NEO left the major support and resistance levels untested early on.
A move back through to $9.80 levels would be needed to bring $10.00 levels and the first major resistance level at $10.20 into play.
NEO would need support from the broader market, however, to break through the morning high $9.97. In the event of a crypto rebound, NEO would likely take a run at $10.40 levels before any pullback.
Failure to move back through to $9.80 levels could see NEO hit reverse later in the day. A fall through the morning low $9.37 would bring the first major support level at $9.18 into play.
Barring another crypto meltdown, NEO would likely steer clear of sub-$9.00 support levels on the day.
Major Support Level: $9.18
Major Resistance Level: $10.20
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.