NEOUSD Medium-term Trend: Bullish
Supply zones: $90.00, $100.00, $110.00
Demand zones: $50.00, $40.00, $30.00
The bulls still hold Neo in the medium-term. The daily open was $83.82, higher than yesterday's open of $76.36. The bulls pushed the price to $84.74, very close to the predicted $85.00 supply area. The momentum could not be sustained by the bulls as the bears came in and pushed the price down to the $68.29 demand area. The Stochastic Oscillator is in the oversold region, meaning a momentum to the upside is expected. The double bottom formation at the $65.00 demand area is of note as it signals a downward rejection and upward trend commencement. The bulls may stage a comeback from this area. Traders should patiently wait for bullish candles formation above the three exponential moving average before going long.
NEOUSD Short-term Trend: Bearish
The uptrend was short lived in the short-term for Neo. The bears are back as we clearly see the price forming higher lows and lower highs with a descending channel formation. The price experienced rejection to the upside at the exponential moving averages and supply areas. The bears' pressure was very strong at the $82.00, $78.00 and $74.00 supply areas.The break of the demand zone at $70.00 may likely see more sellers coming in and the price of Neo could be pushed down to the $65.00 demand zone.
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