NEOUSD Medium-term Trend: Bullish
Supply zones: $90.00, $100.00, $110.00
Demand zones: $50.00, $40.00, $30.00
The medium-term outlook for Neo remains bullish. The $75.00 supply area predicted yesterday was retested. And the bulls succeeded in pushing the price high up to $77.54 earlier today. The bears lost momentum when the $73.00 supply area was broken and price made higher highs. With the daily candle opened at $76.90, above the three exponential moving averages crossover, we are likely to see a more bullish move. The exponential moving average 12 serves as a strong support at the demand area for the downward price rejection. This simply implies that buying in this area with bullish candles formation above the 12 exponential moving average is sensible. Although the stochastic oscillator is in the overbought region and pointing down. A rejection to the downward momentum at 70% area is likely as more buyers stage a comeback. The $80.00 supply zone is set for a retest in the medium-term outlook.
NEOUSD Short-term Trend: Bullish
Neo’s short-term outlook returns bullish. After staging a comeback, the bulls drove the price from the $70.00 demand zone to the $77.00 supply area. The bears’ pullback after achieving the $77.00 mark was minor. This was rejected at the $74.00 demand area before the price shot up again. More bullish candles formation above the moving averages crossover are likely to be seen. A break above the $78.00 supply zone will pave the way for a retest of the $80.00 supply zone. The stochastic oscillator is likely to be rejected for an upward momentum commencement.
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