NEOUSD Medium-term Trend: Bullish
Supply zones: $90.00, $100.00, $110.00
Demand zones: $50.00, $40.00, $30.00
The bulls are still in charge of Neo in the medium-term. The bears seem to be losing momentum as more buyers stage a comeback. The triple bottom formation at $70.00 demand area favour the bulls. This is seen as a strong rejection of the sellers pushing price further down.
We could see candles formed and closed within the moving averages. These areas are buyers’ zones. Stochastic oscillator is leaving the oversold region with signals pointing up. This implies market will experience strong momentum to the upside. The drawdown should be seen as a market correction for a bigger upward trend continuation. This is seen in Neo in the medium outlook. The $75.00 supply area is likely to be retested.
NEOUSD Short-term Trend: Ranging
Neo is ranging in the short-term. The supply area of $76.00 and the $70.00 demand are the two important upper and lower price markets currently revolve. We could see the price pushed down from the supply area at $76.00 to $70 demand zone with fakeouts to the downside before bulls drove price back to the supply area. Breakout from the upper range will likely take Neo back to the supply area at $80.00 while a breakdown to the downside may take Neo to the $50.00 demand zone.
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