NEO Technical Analysis – Support Levels in Play – 11/07/19

Key Highlights

• NEO tumbled by 6.37% on Wednesday. Following on from a 1.99% fall on Tuesday, NEO ended the day at $16.16.
• A mid-morning intraday high $17.47 came up short of the first major resistance level at $17.79 before hitting reverse.
• An early afternoon intraday low $15.4 saw NEO slide through the major support levels before finding support.
• 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 Support

NEO tumbled by 6.37% on Wednesday. Following on from a 1.99% fall from Tuesday, NEO ended the day at $16.16.

A mixed start to the day saw NEO rise to a mid-morning intraday high $17.47 before hitting reverse. Falling short of the first major resistance level at $17.79, NEO slid to a mid-afternoon intraday low $15.40.

The reversal saw NEO slide through the day’s major support levels before finding support to move back through to $16 levels.

For the bulls, the only positive was a move back through the third major support level at $15.72 late in the day.

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 were short-lived, pressuring NEO.

At the time of writing, NEO was down by 2.48% to $15.76.

Tracking the broader market at the start of the day, NEO slid from a morning high $16.11 to a low $15.76.

NEO left the major support and resistance levels untested early on.

For the day ahead

A move back through to $16.34 levels would signal a rebound from Wednesday’s sell-off. NEO would need the support of the broader market, however, to move back through to $16 levels.

In the event of a broad-based crypto rebound, NEO could take a run at $17 levels before any pullback. We would expect NEO to come up short of the first major resistance level at $17.29 on the day, however.

Failure to move back through to $16.34 levels could see NEO struggle through the day.

Fall through to $15.50 levels would bring the first major support level at $15.22 into play before any recovery.

Barring another crypto meltdown, NEO should steer clear of sub-$15 support levels on the day.

Looking at the Technical Indicators

Major Support Level: $15.22

Major Resistance Level: $17.29

23.6% FIB Retracement Level: $27

38.2% FIB Retracement Level: $40

62% FIB Retracement Level: $61

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Thanks, Bob