Key Highlights

NEO fell by 2.92% on Thursday,–SupportLevelsinPlay–remove feces from carpet reversing a 1.41% gain from Wednesday, to end the day at $6.99.

A start of a day intraday high $7.36 saw NEO break through the first major resistance level at $7.34 before hitting reverse.

A late morning intraday low $6.92 saw NEO fall through the first major support level at $6.95 before moving back through to $7.0 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.

How to Buy NEO

NEO Price Support

NEO slid by 2.92% on Thursday, reversing a 1.41% rise from Wednesday, to end the day at $6.99. For the month of January, Thursday’s pullback left NEO down by 8.87%.

A bullish start to the day saw NEO rally to an intraday high $7.36 before hitting reverse. The early rally saw NEO break through the first major resistance level at $7.34 before succumbing to market forces.

Tracking the broader market through the morning, NEO slid to a late morning intraday low $6.90. The reversal saw NEO fall through the first major support level at $6.95 before recovering to $7.0 levels.

Bearish sentiment across the broader market ultimately weighed, with NEO falling back through the first major support level to an afternoon low $6.91 before finding late in the day support.

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 January’s losses.

At the time of writing, NEO was down by 1.44% to $6.89. A bearish start to the day saw NEO slide from a morning high $7.01 to a morning low $6.82 before finding support. The early sell-off saw NEO call on support at the day’s first major support level at $6.82 before steadying.

For the day ahead, a move back through the morning high $7.01 to $7.10 levels would be needed to support a run at the first major resistance level at $7.26. We can expect NEO to face plenty of resistance at $7.00 that will require support from the broader market for a breakout to $7.10 levels. The day’s second major resistance level at $7.53 will likely be out of reach on the day.

Failure to move back through the morning high could see NEO take a bigger hit later in the day. A fall back through the morning low and first major support level at $6.82 to $6.70 levels would likely see NEO touch $6.75 before any recovery. The day’s second major support level at $6.65 is unlikely to be tested, barring a crypto meltdown later in the day.

Story continues

Looking at the Technical Indicators

Major Support Level: $6.82

Major Resistance Level: $7.26

Fib 23.6% Retracement Level: $27

Fib 38% Retracement Level: $40

Fib 62% Retracement Level: $61

This

article

was originally posted on FX Empire

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