NEO Technical Analysis – Support Levels in Play – 25/03/19

Key Highlights

• NEO fell by 2.53% on Sunday. Reversing a 2.37% gain from Saturday, NEO ended the day at $9.25.
• A start of a day intraday high $9.49 saw NEO fall short of the first major resistance level at $9.59 before hitting reverse.
• A late afternoon intraday low $9.08 saw NEO fall through the first major support level at $9.32 and second major support level at $9.14.
• 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 Support

NEO fell by 2.53% on Sunday. Reversing a 2.37% rise from Saturday, NEO ended the day at $9.25.

A relatively mixed, but bearish weak, saw NEO fall by 1.49% Monday through Sunday.

Bearish through the day, NEO tumbled from a start of a day intraday high $9.49 to an intraday low $9.08. Falling well short of the day’s major resistance levels, NEO slid through the first major support level at $9.32 and second major support level at $9.14.

Support through the latter part of the day led to NEO moving back through the second major support level to $9.2 levels. The bears were ultimately in control, however, with NEO unable to break back through the first major support level at $9.32.

The extended bearish trend, formed at the end of April swing hi $94.65, remained intact in spite of 5-weeks in the green out of the last 7. 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 1.14% to $9.14. A choppy start to the day saw NEO rise to a morning high $9.28 before hitting reverse. Falling short of the first major resistance level at $9.47, NEO fell to a morning low $9.13 before steadying. The day’s major support levels were also left untested early on.

For the day ahead

A move back through the morning high $9.28 would support another run at the first major resistance level at $9.47 later in the day. Support from the broader market would be needed, however, for NEO to breakout from $9.47 levels. Barring a broad-based crypto rebound, we would expect NEO to fall short of the day’s major resistance levels.

Failure to move through to $9.28 could see NEO fall deeper into the red. A fall through to sub-$9.10 levels would bring the first major support level at $9.06 into play before any recovery.

Barring a crypto meltdown, however, we would expect NEO to steer well clear of sub-$9.00 support levels on the day.

Looking at the Technical Indicators

Major Support Level: $9.06

Major Resistance Level: $0.47

23.6% FIB Retracement Level: $27

38.2% FIB Retracement Level: $40

62% FIB Retracement Level: $61