NEOUSD Medium-term Trend: Bullish
Supply zones: $80.00, $90.00, $100.00
Demand zones: $40.00, $30.00, $20.00
Neo bullish move still continues on medium-term. Price break of the $70.00 supply area was a nice one as analyzed yesterday. That was the fourth touch and indeed it was not rejected. The bulls drove the price first to $73.00 supply area and later to $75.00. Price is forming higher highs and higher lows that are characteristics uptrend scenarios. Daily candle open above the three moving averages crossover at $72.93 as against yesterday open of $65.92.
This means more buyers are in the market and they may increase in the medium-term. The three moving averages are fanned apart indicating strength in the uptrend. Stochastic oscillator downtrend is rejected at 50 percent level for upward momentum commencement. The test of $80.00 supply area is close by in the medium term.
NEOUSD Short-term Trend: Bullish
The bulls still hold sway for Neo in the short-term. Their dominance was seen as they pushed price to the supply zone at $75.31. Retracement to $71.00 demand area created a good double bottom which set the buyers on fire and price was driven to $73.00 and later to $75.00 supply area.
Bears presence is limited, as their impact is minimal as seen from rejection at key demand zones. Momentum to the upside is expected to heat up as more buyers take position in the market. A break above and retest of $75.00 supply area is likely which will pave the way for the bulls to push price to $80.00 supply area.
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