NEO Technical Analysis – Support Levels in Play – 15/08/19
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.
Key Highlights
- NEO tumbled by 10.28% on Wednesday. Following on from a 1.78% fall on Tuesday, NEO ended the day at $9.43.
- A late morning intraday high $10.53 saw NEO fall short of the first major resistance level at $10.75 before hitting reverse.
- A late afternoon intraday low $9.15 saw NEO fall through the major support levels of the day.
- 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 7th December’s new swing lo $5.46.
NEO Price Support
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.
For the day ahead
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.
Looking at the Technical Indicators
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
