NEOUSD Long-term Trend: Bullish
Supply zone: $90.00, $100.00, $110.00
Demand zone: $50.00, $40.00, $30.00
A bullish continuation exists in Neo in the long term. As predicted, the bulls’ impact was quite significant, as they drove price to the $84.00 supply area. A further drawdown in Neo’s price beyond the $64.00 demand area was rejected. The 12 exponential moving average serves as a good support as we see the price rejection around it. Neo opened this week on a bullish note at $77.22, above the three exponential moving averages crossover. This suggests a bullish pressure is likely in the week ahead. The stochastic oscillator is above the 50% level, with its signal pointing up. This suggests strong momentum to the upside.
The bulls are coming back strongly as we see the upward momentum increasing. The price is expected to retest the supply area at $84.00 and close above it before testing the $100.00 supply area. Minor pullbacks are expected. Traders should take a position at key demand areas for a nice ride to key supply areas.
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