NEO Technical Analysis – Support Levels in Play – 11/02/19

It’s back in the red for NEO, with bearish sentiment across the broader market weighing in the early hours. A move through to $8.00 levels is needed.
Bob Mason
Cryptos Falling

Key Highlights

  • NEO rallied by 4.24% on Sunday. Following on from a 1.17% rise on Saturday, NEO ended the week up 14.4% to $8.12.
  • An early morning intraday high $8.30 saw NEO break through the first major resistance level at $7.91 and second major resistance level at $8.0467 before hitting reverse.
  • A late morning intraday low $7.57 saw NEO fall through the first major support level at $7.6133 before moving back through to $8.0 levels.
  • The extended bearish trend formed at the end of April’s swing hi $94.65 remained intact. NEO continues 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 Support

NEO rallied by 4.24% to on Sunday to end the day at $8.12. Following a 1.17% rise on Saturday, NEO ended the week with a 14.4% gain.

Bucking the trend from across the broader market, NEO rallied to an early morning intraday high $8.30 before hitting reverse. The early rally saw NEO break through the first major resistance level at $7.9133 and second major resistance level at $8.0467.

Coming within range of the third major resistance level at $8.3467, NEO slid back to a late morning intraday low $7.57 before recovering. A late in the day rebound saw NEO break back through the first major resistance level at $7.9133 and second major resistance level at $8.0467.

The extended bearish trend, formed at the end of April swing hi $94.65, remained intact in spite of the week’s gains. NEO continues to fall well short of the 23.6% FIB of $27 following 7th December’s swing lo $5.46 and January’s losses.

At the time of writing, NEO was down by 2.81% to $7.90. A broad-based crypto sell-off saw NEO reverse Sunday’s late rebound. NEO fell from the start of a day morning high $8.13 to a morning low $7.81, before recovering to $7.90 levels.

For the day ahead, a move back through to $8.00 levels would be needed to bring the first major resistance level at $8.4233 into play. Sentiment across the broader market would need to materially improve, however, for NEO to take a run at the day’s major resistance levels, with Sunday’s high $8.30 likely to pin NEO back in the event of a rebound.

Failure to move back through to $8.00 levels could see NEO slide back through the morning low $7.81 to bring the first major support level at $7.6933 into play. We would expect NEO to steer clear of the second major support level at $7.2667, however, with support at $7.50 levels likely to continue to limit the downside near-term.

Looking at the Technical Indicators

Major Support Level: $7.6933

Major Resistance Level: $8.4233

Fib 23.6% Retracement Level: $27

Fib 38% Retracement Level: $40

Fib 62% Retracement Level: $61

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