NEO Technical Analysis – Support Levels in Play – 16/01/19

By:Bob Mason

Published: Jan 16, 2019, 05:45 UTC•2min read

It’s a mixed start to the day, with NEO needing to move back through to $7.75 levels to avoid a sell-off.

Key Highlights

NEO fell by 5.45% on Tuesday, partially reversing an 11.77% rally from Monday, to end the day at $7.63.
A start of a day intraday high $8.1 saw NEO come up short of the first major resistance level at $8.42.
A late intraday low $7.46 saw NEO call on support at the first major support level at $7.46 before moving back through to $7.6 levels.
The extended bearish trend formed at the end of April’s swing hi $94.65 remained intact, with NEO continuing to fall well short of the 23.6% FIB Retracement Level of $27, following 7^th December’s new swing lo $5.46.

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NEO Price Support

NEO fell by 5.45% on Tuesday, partially reversing an 11.77% bounce on Monday, to end the day at $7.63.

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A start of a day intraday high $8.1 saw NEO fall well short of the first major resistance level at $8.42 before hitting reverse through the day, negative sentiment across the broader market weighing, as investors looked to lock in profits from Monday’s rebound.

Bearish through the day, NEO fell to a late in the day intraday low $7.46, calling on support at the first major support level at $7.46 to move back through to $7.6 levels by the day’s end.

The extended bearish trend, formed at the end of April swing hi $94.65, remained intact, with NEO continuing to fall well short of the 23.6% FIB of $27 following 7^th December’s swing lo $5.46 and last week’s 18.6% slide.

At the time of writing, NEO was down 0.02% to $7.63, with a relatively range bound start to the day seeing NEO rise from a morning low $7.55 to a morning high $7.77 before easing back, the day’s major support and resistance levels left untested early on.

For the day ahead, a move back through to $7.75 levels would be needed to support another run at $8.00 levels and the first major resistance level at $8.00. The day’s second major resistance level at $8.37 could be in play later in the day should the broader market find support through the late morning into the afternoon.

Failure to move back through to $7.75 levels could see NEO pullback through the morning low $7.55 to bring the first major support level at $7.36 into play before any recovery. While the bears continue to run the show, the day’s second major support level at $7.09 would likely prevent a pullback to sub-$7.00 levels on the day.