NEOUSD Long-term Trend: Bullish
Supply zone: $80.00, $90.00, $100.00
Demand zone: $40.00, $30.00, $20.00
The uptrend resumes strongly for Neo after the breakout from consolidation. The opening of this week’s price at $66.06 and above the three exponential moving crossovers is a strong indication of bulls’ pressure. The break and close of candles above the supply zone at $60.00 brings more buyers into the market. The rejection of the large bearish engulfing candle of 13th April with two bullish candles and the third engulfing are a clear manifestation of bulls’ dominance. The stochastic oscillator is in the overbought area though, but it still shows momentum to the upside in the long-term.
The upside momentum is very high in Neo. In the days ahead, we are likely to see the price making higher highs and higher lows that are synonymous with uptrend scenarios. More bullish candles formation above the three moving averages crossovers will likely drive the price to the supply area at $80.00.
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