NEO Technical Analysis – Resistance Levels in Play – 26/04/19

NEO is on the move. The bulls will be eyeing $10.00 levels after an early high $9.97…
Bob Mason
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Key Highlights

  • NEO slid by 4.49% on Thursday. Following on from a 2.81% fall on Wednesday, NEO ended the day at $9.57.
  • A late intraday high $10.43 saw NEO come up against the first major resistance level at $10.49 before hitting reverse.
  • A late intraday low $9.41 saw NEO slide through the first major support level at $9.53.
  • 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 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.

For the day ahead

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.

Looking at the Technical Indicators

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

Please let us know what you think in the comments below

Thanks, Bob

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