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

NEO failed to hold onto early gains, with profit taking off the back of 2 consecutive daily rallies weighing early on. A hold above $8.80 will be key.
Bob Mason
NEO
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Key Highlights

  • NEO rallied by 5.41% on Monday. Following on from a 5.98% rise on Sunday, NEO ended the day at $8.97.
  • An early morning intraday low $8.33 saw NEO steer well clear of the first major support level at $8.0633.
  • A late afternoon intraday high $9.12 saw NEO break through the first major resistance level at $8.9133.
  • The extended bearish trend formed at the end of April’s swing hi $94.65 remained 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.

How to Buy NEO

NEO Price Resistance

NEO rallied by 5.41% to on Monday. Following on from a 5.98% rally on Saturday, NEO ended the day at $8.97. The day’s rally came off the back of a 4.67% gain from last week.

Tracking the broader market through the day, NEO recovered from an early morning intraday low $8.33 to strike a late afternoon intraday high $9.12 before easing back.

Steering clear of the day’s first major support level at $8.0633, the day’s rally saw NEO break through the first major resistance level at $8.9133 to hit $9.00 levels for the first time since 10th January.

For the bulls, the hold above the first major resistance level at $8.9133 was the positive for the day, with upward momentum through the last week seeing NEO move back into positive territory year-to-date.

The extended bearish trend, formed at the end of April swing hi $94.65, remained intact in spite of 2 consecutive days of solid gains. 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 down by 0.56% to $8.92. Tracking the broader market through the early hours, NEO fell from the start of a day morning high $9.32 to a morning low $8.80 before finding support. The early morning rally saw NEO break through the first major resistance level at $9.2833, whilst steering clear of the first major support level at $8.4933.

For the day ahead, a hold above $8.80 through the morning would support a move back through to $9.00 levels to bring the first major resistance level at $9.2833 back into play before any pullback. Support from the broader market could bring the second major resistance level at $9.5967 into play later in the day, though sentiment would need to improve to support a breakout.

We would expect NEO to fall short of $10.00 levels, however, in the event of a 3rd consecutive day of solid gains.

Failure to hold above $8.80 could see NEO call on support at the first major support level at $8.4933 before any recovery. Barring a broad-based crypto sell-off, we would expect NEO to steer clear of the second major support level at $8.0167 and sub-$8.00 levels on the day.

Looking at the Technical Indicators

Major Support Level: $8.4933

Major Resistance Level: $9.2833

Fib 23.6% Retracement Level: $27

Fib 38% Retracement Level: $40

Fib 62% Retracement Level: $61

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