NEO Technical Analysis – Support Levels in Play – 07/06/19

Key Highlights

• NEO rose by 0.95% on Thursday. Following on from a 0.78% gain from Wednesday, NEO ended the day at $11.68.
• An early morning intraday high $11.86 saw NEO come up against the first major resistance level at $11.90 before hitting reverse.
• A late afternoon intraday low $11.02 saw NEO fall through the first major support level at $11.22 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 rose by 0.95% on Thursday. Following on from a 0.78% gain from Wednesday, NEO ended the day at $11.68.

A relatively bullish start to the day saw NEO rise to an early morning intraday high $11.86 before hitting reverse.

Coming up against the first major resistance level at $11.90, NEO slid to a late afternoon intraday low $11.02.

The reversal saw NEO fall through the first major support level at $11.22 before finding support from the broader market.

Support for the broader market kicked in late in the day, leading to a NEO rebound to $11.68 levels.

For the bulls, it’s been a bearish week, with NEO down by 17.5% Monday through Thursday. The current week losses came off the back of 3 consecutive weeks in the green that had led to a current year high $15.04.

Following the pullback to $11 levels, 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 down by 1.4% to $11.52. A choppy start to the day saw NEO rise to a morning high $11.72 before hitting reverse.

Falling short of the first major resistance level at $12.02, NEO fell to an early morning low $11.50. In spite of the early pullback, NEO held above the first major support level at $11.18

For the day ahead

A hold onto $11.50 levels through the morning would support a recovery later in the day. A move back through the morning high $11.72 would bring the first major resistance level at $12.02 into play.

NEO would need support from the broader market, however, to break out from Thursday’s high $11.86.

Barring a broad-based crypto rebound later in the day, Thursday’s high $11.86 would likely cap any upside.

Failure to hold onto $11.50 levels could see NEO slide deeper into the red. A fall through the morning low to $11.30 levels would bring the first major support level at $11.18 into play.

Barring a broad-based crypto sell-off, NEO would likely steer clear of sub-$11.00 levels on the day.

Looking at the Technical Indicators

Major Support Level: $11.18

Major Resistance Level: $12.02

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