NEOUSD Medium-term Trend: Bullish
Supply zones: $100.00, $110.00, $120.00
Demand zones: $50.00, $40.00, $30.00
The bulls maintain their control of Neo in the medium-term. The double bottom formation yesterday at the $75.00 demand area brought in more buyers and this has sustained the bulls’ control of Neo. The price was pushed higher to the $84.53 supply area by the bulls. A lot of room exit for more bullish movement in Neo today. First, the day candle opened above the three exponential moving averages crossover which means more buyers are back. Moreover, the moving averages are fanned apart which connote strength in the uptrend. We could see more candles formed and closed within the moving averages. These areas are the buyers’ arena. The stochastic oscillator’s downward momentum is rejected and its signal is pointing up, which means the upward momentum has resumed. A retest of the $90.00 supply zone is likely. A close of the daily candle above this supply area will pave the way for Neo to test the $95.00 zone.
NEOUSD Short-term Trend: Bullish
Neo’s short-term bullish outlook is back. The bears’ impact faded away at the $78.00 demand area yesterday, and this has brought in the bulls that kept pushing the price up. The bulls crushed the $82.00 and $85.00 supply areas. The bears impact at the $85.00 supply area is a minor pullback and was rejected at the $82.00 demand area. The price is providing a higher high and high lows scenarios which are characteristic of an uptrend. As more candles formed and closed above the three exponential moving averages, Neo is set for the North in the short-term
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