NEOUSD Medium-term Trend: Bullish
Supply zones: $70.00, $80.00, $90.00
Demand zones: $40.00, $30.00, $20.00
Neo resumes the week on a bullish mode. After weeks of rejection to the upside, the break came towards the close of market on 8th April. This occurred after a bullish engulfing candle formed above the three moving averages crossover, and the daily candle closed above the 12 exponential moving average signaling the bull presence. The Stochastic oscillator signal is up meaning momentum to the upside is back. We are likely to see price at $60.00 in the medium-term, which is critical to uptrend continuation. A break and close above of price at $60.00 above will likely take us to the supply zones.
NEOUSD Short-term Trend: Bullish
The bulls are back. Neo resumes the uptrend after over two days of unclear direction. The bulls drove price to the supply zone at $56.82 after price closed above the three exponential moving averages crossover. Triple top formation brought in the sellers and pushed price down to $49.43. This is a pull back. The bulls are back as price is heading up with candles closed and formed above the 12 exponential moving. Stochastic oscillator is at 50 percent level with strength signals up showing strong momentum to the upside. Movement to the upside is much expected.
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