- NEO rallied 15% on Thursday, following Wednesday’s 11% run, to end the day at $67.
- A late morning $54.5 avoided the day’s first major support level of $53.66, supporting a NEO rally to an intraday high $67.68 in the final hours of the day, before a slight easing to $67 by the end of the day.
- The day’s high broke through and held above the 62% FIB Retracement Level of $66.3, while coming up short of the 3rd resistance level of $72.15.
NEO Price Resistance
NEO rallied 15.02% on Thursday, following Wednesday’s 10.84% bounce, to end the day at $67, the highest close since 23rd March that had come at the start of a late March bearish trend formed at 20th March’s swing hi $79.93.
A morning intraday low $54.5 held well above the day’s first major support level of $53.66, with a shift in sentiment across the broader market, following some sideways moves through the middle of the week, seeing NEO rally to a middle of the day $63.95 high to break through the day’s first major resistance level of $61.37 and 2nd resistance level of $64.44 before a late in the day momentum driven run to an intraday high $67.68.
While NEO failed to break through to $70 levels and test the day’s 3rd resistance level of $72.15, a break out from the 62% FIB Retracement Level of $66.3 in the late evening was a key move, with NEO’s hold above $66.3 an affirmation of the short term bullish trend formed at 6th April’s swing lo $44.16. The moves this week have also started a reversal of the longer-term bearish trend, though much will depend on direction through today and the weekend.
At the time of writing, NEO was down 2.3% to 65.36, partially reversing Thursday’s gains but yet to suggest a reversal.
An early morning $64 low held well above the day’s first major support level of $58.44 and the more important 23.6% FIB Retracement Level of $62.13, with NEO needing to hold on to $60 levels through the middle part of the day to continue provide the bullish sentiment formed at 6th April’s swing lo $44.16.
The start of the day’s $67.9 came up short of $70 levels and the day’s first major resistance level of $71.62, with a move back through to $67 levels likely to support a run at the day’s first major resistance level and affirm the longer-term bearish trend reversal.
Failure to push through to $70 levels could see a late in the day pullback through the 23.6% FIB Retracement Level, with buyer appetite likely to be dictated by sentiment across the broader market.
The bearish trend may have come to an end near-term, but for investors the threat from governments and regulators have not gone, which will continue to test short-term bullish trends, making today’s moves all the more relevant.
Looking at the Technical Indicators
Major Support Level: $58.44
Major Resistance Level: $71.62
Fib 23.6% Retracement Level: $62.13
Fib 38% Retracement Level: $58.70
Fib 62% Retracement Level: $53.15
This article was originally posted on FX Empire
More From FXEMPIRE:
- Oil Price Fundamental Daily Forecast – Market Remains Underpinned as U.S. Mulls Military Options
- Gold Prices Drop as Risks Recede
- Price of Gold Fundamental Daily Forecast – Remains Underpinned by Concerns Over Syria, China Trade Dispute
- Ethereum markets explode to the upside during the trading session on Thursday
- German index rallied significantly during the trading session on Thursday
- Bitcoin Bulls Look to consolidate and Get the Bull Run Going