NEO Technical Analysis – Resistance Levels in Play – 22/07/19

Key Highlights

• NEO fell by 2.78% on Sunday. Reversing a 2.54% gain from Saturday, NEO ended the day at $12.96.
• A mid-morning intraday high $13.61 came up short of the first major resistance level at $13.93 before hitting reverse.
• An early afternoon intraday low $12.42 saw NEO slide through the first major support levels at $12.75
• 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 7^th December’s new swing lo $5.46.

How to Buy NEO

NEO Price Support

NEO fell by 2.78% on Sunday. Reversing a 2.54% gain from Saturday, NEO ended the day at $12.96.

A bullish start to the day saw NEO strike an early morning intraday high $13.61 before hitting reverse. Falling short of the first major resistance level at $13.93, NEO slid to an early afternoon intraday low $12.42.

The reversal saw NEO fall through the first major support level at $12.75 before finding support from the broader market.

NEO managed to move back to $13 levels before a pullback in the final hour.

On the day, the only positive was a hold above the first major support level at $12.75 at the day end.

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 7^th December’s swing lo $5.46.

At the time of writing, NEO was up by 0.07% to $12.97. A mixed start to the day saw NEO rise from a morning low $12.80 to a high $13.11 before easing back.

NEO left the major support and resistance levels untested early on.

For the day ahead

A move back through to $13 levels would support another run at the first major resistance level at $13.57.

NEO would need the support of the broader market, however, to break out from a move back through to this morning’s high $13.11.

Barring a broad-based crypto rally, Sunday’s high $13.61 and first major resistance level at $13.57 would likely limit any upside.

Failure to move back through to $13 levels could see NEO come under pressure. A fall through the morning low $12.80 would bring the first major support level at $12.38 into play.

Barring a crypto meltdown, however, NEO should steer well clear of sub-12.0 support levels on the day.

Looking at the Technical Indicators

Major Support Level: $12.38

Major Resistance Level: $13.57

23.6% FIB Retracement Level: $27

38.2% FIB Retracement Level: $40

62% FIB Retracement Level: $61

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Thanks, Bob