NEO Technical Analysis – Support Levels in Play – 15/03/19

• NEO rose by 3.52% on Thursday. Following on from a 1.22% gain from Wednesday, NEO ended the day at $9.40.
• A late morning intraday low $8.91 saw NEO come within range of the first major support level at $8.87 before finding support.
• An early afternoon intraday high $9.56 saw NEO break through the first major resistance level at $9.32 to come up against the second major resistance level at $9.55.
• 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 Resistance

NEO rose by 3.52% on Thursday. Following on from a 1.22% gain from Wednesday, NEO ended the day at $9.40.

Bearish through the morning, NEO fell from an early morning high $9.13 to a late morning intraday low $8.91.

Falling well short of the first major resistance level at $9.32, NEO came within range of the first major support level at $8.87 before steadying.

Through the 2^nd half of the day, NEO rallied to an early afternoon intraday high $9.56. The rally saw NEO break through the first major resistance level at $9.32 to come up against the second major resistance level at $9.55.

NEO eased back to sub-$9.20 levels before moving back through to $9.30 levels by the day’s end.

The extended bearish trend, formed at the end of April swing hi $94.65, remained intact in spite of 4-weeks in the green out of 5. NEO continued to fall well short of the 23.6% FIB of $27 following 7^th December’s swing lo $5.46.

At the time of writing, NEO was down by 0.65% to $9.34.A mixed start to the day saw NEO rise to a morning high $9.44 before falling to a morning low $9.27. The moves through the early hours left the day’s major support and resistance levels untested while bucking the trend from across the broader market.

For the day ahead

A hold onto $9.30 levels through the morning would support another run at the first major resistance level at $9.67. We would expect NEO, however, to come up short of $10 levels in the event of a broad-based crypto rally. The second major resistance level at $9.94 would likely pin NEO back from a break out on the day.

Failure to hold onto $9.30 levels could see NEO take a bigger hit later in the day. A slide through the morning low $9.27 would bring the first major support level at $9.02 into play. Barring a crypto sell-off, we would expect NEO to steer clear of the second major support level at $8.64.

Looking at the Technical Indicators

Major Support Level: $9.02

Major Resistance Level: $9.67

23.6% FIB Retracement Level: $27

38.2% FIB Retracement Level: $40

62% FIB Retracement Level: $61