It's back in the red for NEO. A move through to $11.35 levels would signal a rally for later in the day. NEO would need crypto market support, however.
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.
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.
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
With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.