NEO Technical Analysis – Support Levels in Play – 03/07/19

Key Highlights

• NEO rallied by 5.89% on Tuesday. Following on from a 1.26% gain from Monday, NEO ended the day at $17.99.
• A mid-morning intraday low $16.24 saw NEO steer clear of the first major support level at $15.99 before finding support.
• A late afternoon intraday high $18.4 saw NEO break through the first major resistance level at $17.54 and second major resistance level at $18.17.
• 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 7^th December’s new swing lo $5.46.

How to Buy NEO

NEO Price Resistance

NEO rallied by 5.89% on Tuesday. Following on from a 1.26% gain from Monday, NEO ended the day at $17.99.

A bearish start to the day saw NEO slide to a mid-morning intraday low $16.24 before finding support.

Steering well clear of the first major support level at $15.99, NEO recovered to $17 levels by late morning before an early afternoon rally.

The afternoon rally saw NEO break through the first major resistance level at $17.54 and second major resistance level at $18.17.

NEO struck a late afternoon intraday high $18.4 before easing back to sub-$18 levels.

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 7^th December’s swing lo $5.46.

For the bulls, June’s 23.6% gain and a return to $18 levels on Tuesday could set NEO up for a run at the 23.6% FIB of $27. NEO would need the support of the broader market, however, to break out from $27 levels…

At the time of writing, NEO was down by 0.92% to $17.82. A choppy start to the day saw NEO fall from a morning high $18.12 to a low $17.69 before finding support.

In spite of the early moves, NEO left the major support and resistance levels untested.

For the day ahead

A hold above $17.55 levels through the morning would support a recovery later in the day. A move back through the morning high $18.12 would bring the first major resistance level at $18.85 into play.

NEO would need the support of the broader market, however, to break out from $18.10 levels.

Barring an extended crypto rally through the day, the first major resistance level would likely limit any upside on the day.

Failure to hold above $17.55 levels could see NEO fall deeper into the red. A fall through to $17.20 levels would bring the first major support level at $16.69 into play before any recovery.

Barring a broad-based crypto reversal later in the day, NEO should steer clear of sub-$16.0 support levels on the day.

Looking at the Technical Indicators

Major Support Level: $16.69

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