NEO Technical Analysis – Support Levels in Play – 06/05/19

Key Highlights

• NEO fell by 2.22% on Sunday. Following on from a 4.81% slide on Saturday, NEO ended the day at $9.69.
• A mid-morning intraday high $10.03 saw NEO come up short of the first major resistance level at $10.46 before hitting reverse.
• A late afternoon intraday low $9.56 saw NEO hold above the first major support level at $9.47 before finding support.
• 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 Support

NEO fell by 2.22% on Sunday, Following on from a 4.81% slide from Saturday, NEO ended the week up 0.21% to $9.69.

A relatively range-bound start to the day saw NEO rise to a mid-morning intraday high $10.03 before hitting reverse.

Falling short of the first major resistance level at $10.46, NEO slid to a late afternoon intraday low $9.56 before finding support.

The moves through the day saw NEO leave the major support and resistance levels untested.

The extended bearish trend, formed at the end of April swing hi $94.65, remained intact. 3-weeks in the red out of the last 4 saw NEO continue to fall well short of the 23.6% FIB of $27 following 7^th December’s swing lo $5.46.

For the bulls, it’s been a choppy the 2^nd quarter thus far. Following a bullish 1^st week that saw NEO rise to $14 levels, it’s been downhill all the way. NEO has fallen 31% from a 3^rd April high $14.06.

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 down by 2.16% to $9.48. A particularly bearish start to the day saw NEO slide from a morning high $9.69 to a low $9.44 before steadying.

The reversal saw NEO fall through the first major support level at $9.49 in the early hours. NEO fell well short of the major resistance levels in the bearish start to the day.

For the day ahead,

A move through to $9.76 levels would be needed for NEO to take a run at $10.00 levels later in the day. Support from the broader market would be needed, however, for NEO to break through the first major resistance level at $9.96.

Barring a broad-based crypto recovery, NEO will likely come up short of $9.90 levels on the day.

Failure to move through to $9.76 levels could see NEO take a bigger hit on the day. A slide through the morning low $9.44 would bring sub-$9.40 levels into play before any recovery.

Barring a crypto meltdown, however, NEO will likely steer well clear of the second major support level at $9.29.

Looking at the Technical Indicators

Major Support Level: $9.49

Major Resistance Level: $9.96

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