NEO Technical Analysis – Resistance Levels in Play – 30/05/19

Key Highlights

• NEO rallied by 7.41% on Wednesday. Following on from a 2.09% gain from Tuesday, NEO ended the day at $13.62.
• An early morning intraday low $11.80 saw NEO fall through the first major support level at $12.18 before finding support.
• A late afternoon intraday high $14.47 saw NEO break through the major resistance levels 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 7^th December’s new swing lo $5.46.

How to Buy NEO

NEO Price Resistance

NEO rallied by 7.41% on Wednesday. Following on from a 2.09% gain from Tuesday, NEO ended the day at $13.62.

A particularly bearish start to the day saw NEO slide to an early morning intraday low $11.8 before finding support.

The early sell-off saw NEO fall through the first major support level at $12.18 to come within range of the second major support level at $11.65.

Finding support from the broader market, NEO rallied to a late afternoon intraday high $14.47 before easing back to $13 levels.

The rally saw NEO break through the major resistance levels before easing back through the third major resistance level at $14.29 late on.

For the bulls, it’s another bullish start to the week, with NEO up by 13.4% off the back of last week’s 2.74% gain. In spite of the recent gains, however, a move back through to $14 levels would be needed for NEO to resume its run at $20 levels last seen back in September. NEO would need to break through to $40 levels to begin forming a near-term bullish trend.

At the time of writing, NEO was up by 3.64% to $14.12. A particularly bullish start to the day saw NEO rally from a morning low $13.39 to a high $14.33 before easing back.

In spite of the early breakout, NEO came up short of the first major resistance level at $14.79 early on.

For the day ahead

A hold onto $14 levels through the morning would support another run at the first major resistance level at $14.79.

Support from the broader market would be needed, however, for NEO to break out from $14.5 levels.

Barring an extended crypto rally through the day, NEO would likely continue to come up short of $15 levels last struck in November.

Failure to hold onto $14 levels could see NEO fall back to the morning low $13.39. A fall through to $13.25 levels would bring sub-$13 levels into play before any recovery.

Barring a broad-based crypto sell-off, however, NEO would likely steer clear of the first major support level at $12.12.

Looking at the Technical Indicators

Major Support Level: $12.12

Major Resistance Level: $14.79

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