- NEO price gains 2.26% on the day but currently trimming gains below $18.40 resistance.
- The initial support is at $17.80 80 but more support lines include 50SMA currently at $17.68 and 100SMA currently at $17.49.
NEO has been making significant gains following the recent declines that saw it brush shoulders with the major support at $16.00. The recovery kicked off mid-last week, however, the sellers have barricaded the zone at $18.40 and the bulls’ attempts to recoil towards $20.00 have been rendered unsuccessful.
The weekend trading saw NEO/USD form higher lows and higher highs but the trend turned bearish on achieving $18.37. Lower corrections followed suit with the support at $17.60 and $17.20 giving in to the bear pressure. NEO price dropped below $17.00 before finding a support at $ 16.80. The buyers entered at this point pushing the price above the resistance at $17.20 and eventually above $18.00. Although the buyers were intent on retracing to $20.00, they lost the momentum on testing $18.40.
At the time of press, NEO is trading at $17.93 after trimming the gains from the intraday high. However, the tables still show a 2.26% growth on the day. The buyers must find a support above $17.80 to avoid cancelling all the gains made today. In order to sustain an upward movement, the resistance at $18.40 must be overcome while a trajectory path to $20.00 formed. The initial support is at $17.80 but more support lines are seen at the 50SMA at $17.68 and 100SMA at $17.49 (15-minutes chart).
NEO/USD 15-mnutes chart
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