NEO Technical Analysis – Support Levels in Play – 20/12/18

Key Highlights

• NEO gained 9.93% on Thursday, reversing a 3.3% fall on Wednesday, to end the day at $7.42.
• A start of a day intraday low $6.70 saw NEO steer clear of the first major support level at $6.49.
• Tracking the broader market, NEO broke through the first major resistance level at $7.25 with an intraday high $7.64.
• The extended bearish trend formed at the end of April’s swing hi $94.65 remained intact, with NEO continuing 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 gained rallied by 9.93% on Thursday, reversing Wednesday’s 3.3% loss with interest, to end the day at $7.42.

Bullish through the morning, NEO rallied to a morning high $7.62, breaking through the first major resistance level at $7.25 before easing back, a start of a day morning low $6.70 holding above the first major support level at $6.49.

Tracking the broader market through the afternoon, NEO bounced back from $7.20 levels to strike a late afternoon intraday high $7.64, breaking through the first major resistance level at $7.25 for a second time before pulling back to call on sub-$7.00 support levels late in the day.

While managing to recover to $7.4 levels by the day’s end, the choppy second half of the day will have got investors a little jittery going into this morning.

In spite of a 3^rd day in the green for the week, the extended bearish trend remained intact, with NEO continuing 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 4.93% to $7.05, with moves through the early morning seeing NEO rally to a morning high $7.69, coming up just shy of the first major resistance level at $7.81 before sliding. A morning reversal saw NEO fall to a morning low $7.03, holding onto $7.00 levels to steer clear of the first major support level at $6.87.

For the day ahead, a move back through to $7.25 levels would signal a possible rebound later in the day, supporting a run at the morning high $7.69 to bring the first major resistance level at $7.81 into play before any pullback, a breakout to $8.00 levels to bring the day’s second major resistance level at $8.19 into play unlikely later in the day.

Failure to move back through to $7.25 levels could see NEO come under more selling pressure later in the day, with a fall through the morning low $7.03 to sub-$7.00 levels bringing the first major support level at $6.87 into play before any recovery, the day’s second major support level at $6.31 unlikely to be tested barring a cryptomarket meltdown later in the day.

Looking at the Technical Indicators

Major Support Level: $6.87

Major Resistance Level: $7.81

Fib 23.6% Retracement Level: $27

Fib 38% Retracement Level: $40

Fib 62% Retracement Level: $61