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NEO Technical Analysis – Eyeing Support Levels – 05/10/18

Bob Mason

Key Highlights

  • NEO gained 0.11% on Thursday, following a 2.39% fall on Wednesday, to end the day at $18.02.
  • A bullish early morning saw NEO come within range of the first major resistance level at $18.48, with an intraday high $18.46 before reversing.
  • Late in the day, an intraday low $17.93 saw NEO steer clear of the first major support level at $17.59.
  • NEO continued to fall well short of the 23.6% FIB Retracement Level of $33 to leave the extended bearish trend intact.

How to Buy NEO

NEO Price Support

NEO gained just 0.11% on Thursday, following Wednesday’s 2.39% slide, to end the day at $18.02.

Tracking the broader cryptomarket, NEO moved through to an early morning intraday high $18.46, coming within reach of the day’s first major resistance level at $18.48 before hitting reverse.

While sliding back from the morning high, NEO was able to hold on to $18 levels until a late in the day sell-off that saw NEO fall to an intraday low $17.93 before moving back through to $18 levels by the day’s end, NEO managing to steer clear of the first major support level at $17.59.

The moves through the day left the extended bearish trend formed at late April’s swing hi $94.65 firmly intact, with NEO continuing to fall short of the 23.6% FIB Retracement Level of $33, with the crypto bulls needing a run at the 38.2% FIB Retracement Level of $45 to support the formation of a bearish trend reversal.

At the time of writing, NEO was down 0.77% to $17.87, with NEO pulling back from a start of a day morning high $18.19 to a morning low $17.78 before steadying, the day’s first major resistance level left untested, while calling on support at the first major support level at $17.813.

For the day ahead, a move back through to $18 levels and the morning high $18.19 would bring the first major resistance level at $18.34 and the second major resistance level at $18.3433 into play, though a move through $18.14 would be needed by late morning to support a 2 nd half of a day rebound for NEO to recover the morning losses and beginning eyeing the day’s key resistance levels.

Failure to move back through to $18 levels could see NEO take a hit later in the day, a pullback through the first major support level at $17.813 and morning low $17.78 bringing the second major support level at $17.61 into play, with bearish sentiment continuing to pin back NEO and the broader market ahead of the weekend.

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Looking at the Technical Indicators

Major Support Level: $17.81

Major Resistance Level: $18.34

Fib 23.6% Retracement Level: $33

Fib 38% Retracement Level: $45

Fib 62% Retracement Level: $64

This article was originally posted on FX Empire

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