NEO finds early support but could come under pressure later in the day. A move through to $9.70 levels is key in the early part of the day.
NEO tumbled by 10.28% on Wednesday. Following on from a 1.78% fall on Tuesday, NEO ended the day at $9.15.
A mixed start to the day saw NEO recover from a dip to an early morning intraday high $10.53 before hitting reverse.
NEO fell short of the first major resistance level at $10.75 before a broad-based crypto sell-off kicked in.
The sell-off saw NEO slide to a late afternoon intraday low $9.15. NEO fell through the day’s major support levels before finding support late in the day.
Steering clear of sub-$9.00 levels, NEO managed to close out the day within range of the third major support level at $9.47.
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 7th December’s swing lo $5.46.
At the time of writing, NEO was up by 0.78% to $9.51. A mixed start to the day saw NEO rise to a morning high $9.69 before falling back to a morning low $9.45.
NEO left the major support and resistance levels untested early on.
A move through the morning high $9.69 to $9.70 would support a run at $10.00 levels. NEO would need the support of the broader market, however, to break out from the morning high.
Barring a broad-based crypto rebound on the day, NEO will likely fall well short of the first major resistance level at $10.26.
Failure to move back through the morning high could lead to another day in the red for NEO.
A slide back through the morning low $9.45 could lead to a return to sub-$9.20 levels before any recovery.
Barring another crypto meltdown, however, NEO should steer well clear of the first major support level at $8.88 on the day.
Major Support Level: $8.88
Major Resistance Level: $10.26
23.6% FIB Retracement Level: $27
38.2% FIB Retracement Level: $40
62% FIB Retracement Level: $61
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Thanks, Bob
With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.