NEO Technical Analysis – Support Levels in Play – 30/07/19
Key Highlights
- NEO rose by 0.27% on Monday. Partially reversing a 1.41% slide on Sunday, NEO ended the day at $11.27.
- An early morning intraday high $11.82 saw NEO break through the first major resistance level at $11.63 before hitting reverse.
- A late morning intraday low $10.97 saw NEO steer clear of the first major support level at $10.62.
- 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 rose by 0.27% on Monday. Partially reversing a 1.41% fall from Sunday, NEO ended the day at $11.27.
A particularly bullish start to the day saw NEO strike an early morning intraday high $11.82 before hitting reverse.
NEO broke through the first major resistance level at $11.63 before sliding to a late morning intraday low $10.97.
Holding above the first major support level at $10.62, NEO managed to recover to an afternoon high $11.56.
Pressure from the broader market ultimately weighed, however, with NEO sliding back to $11.2 levels to limit the upside on the day.
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.
For the bulls, June’s 23.6% gain and a return to $18 levels were short-lived, with July proving to be particularly bearish.
With the end of the month in sight, NEO was down by 32.5% for the current month to the end of Monday.
At the time of writing, NEO was down by 1.49% to $11.11. A bearish start to the day saw NEO slide from an early morning high $11.26 to a morning low $11.02.
In spite of the early reversal, NEO steered clear of the major support and resistance levels early on.
For the day ahead
A move through the morning high $11.26 to $11.35 levels would bring the first major resistance level at $11.74 into play.
NEO would need support from the broader market, however, to break out from $11.3 levels on the day.
Barring a broad-based crypto rally, NEO the first major resistance level at $11.74 and Monday’s high $11.82 should limit any upside on the day.
Failure to move back through the morning high to $11.35 levels could leave NEO deep in the red. A slide back through the morning low $11.02 would bring the first major support level at $10.89 into play.
Barring a crypto meltdown, NEO should steer clear of the second major support level at $10.5 on the day.
Looking at the Technical Indicators
Major Support Level: $10.89
Major Resistance Level: $11.74
23.6% FIB Retracement Level: $27
38.2% FIB Retracement Level: $40
62% FIB Retracement Level: $61
Please let us know what you think in the comments below
Thanks, Bob
