NEO Technical Analysis – Eyes Resistance Levels – 23/08/18

Key Highlights

  • NEO slid by 7.7% on Wednesday, reversing Tuesday’s 4.15% gain, to end the day at $16.43.
  • An early rally saw NEO break through the first major resistance level at $18.37 and second major resistance level at $18.94 to an intraday high $19.4.
  • An early afternoon sell-off saw NEO slide through the day’s first major support level at $17.1 and second major support level at $16.4 to an intraday low $15.81 before recovering to $16 levels.
  • The moves through the day reaffirmed the extended bearish trend formed at the end of April’s swing hi $94.65.

How to Buy NEO

NEO Price Support

NEO tumbled by 7.7% on Wednesday, reversing Tuesday’s 4.15% gain with interest, to end the day at $16.43.

Tracking the broader market, NEO rallied to an early morning intraday high $19.4 before reversing, the early moves seeing NEO break through the first major resistance level at $18.37 and second major resistance level at $18.94.

While managing to hold on to $18 levels through the morning, a second broad based market sell-off did the damage, with NEO sliding through the first major support level at $17.1 and second major support level at $16.4 to an intraday low $15.81 before recovering to $16 levels in the final hours, NEO failing to hold on to a late break back through to $17 levels.

The moves through the day reaffirmed the extended bearish trend formed at the end of April’s swing hi $94.65, with NEO having struck a new swing lo $13.68 on 14th August and failing to test selling pressure at the 23.6% FIB Retracement Level since late July.

At the time of writing, NEO was up 1.1% to $16.63, with NEO moving through to an early morning $17.31 high before pulling back to $16 levels, the moves through the early part of the morning leaving the day’s major support and resistance levels left untested.

For the day ahead, a move back through the morning high $17.31 would support a run at $18 levels and the first major resistance level at $18.62, though we can expect NEO to face plenty of resistance on any run at $18 levels, with the latest SEC rejection of 9 Bitcoin ETFs and extended bearish trend likely to limit NEO on the upside.

Failure to move back through to $17 levels and the morning high $17.31 could see NEO take another hit later in the day, with any pullback through the morning low $16.41 likely to bring $15 levels into play, while we can expect the day’s first major support level at $15.03 to hold NEO back from hitting sub-$15 levels in the event of a sell-off.

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