NEOUSD Medium-term Trend: Bullish
Supply zones: $70.00, $80.00, $90.00
Demand zones: $40.00, $30.00, $20.00
The bulls still dictate Neo’s direction. More pressure to the upside will likely be seen in the medium term as consolidation builds up in the stochastic oscillator in the oversold area. The daily candle opened at $51.56, higher than the previous day. This indicate buyers’ presence, and a price forming higher high on daily chart. Price being pushed to the demand zone at $60.00 is very likely. This area is very important to the uptrend validity. The close of price above the three exponential moving average crossover and stochastic oscillator breaking out of consolidation will confirm this move to the upside in the medium term.
NEOUSD Short-term Trend: Bullish
The bulls still prevails in the short-term outlook of Neo. Price rose to the supply zone at $53.22 in the early hours of today. Minor sell-off occurred at this zone, pushing price down to the $50.00 area. This is pullback to the big move coming. Price is above the three moving averages crossovers, indicating strong buying pressure. The stochastic oscillator is in overbought region with its signals pointing up, meaning momentum to the upside is high. A break and close above the supply zone at $55.00 will pave the way for price pushing to $60.00 supply area. Breakdown to the demand zones is likely not in the picture for Neo this time.
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