NEOUSD Medium-term Trend: Bearish
Supply zones: $70.00, $80.00, $90.00
Demand zones: $40.00, $30.00, $20.00
Neo is bearish in the medium-term outlook. The bears kept the momentum up creating a fresh demand area after breaking the $50.00 demand zone. The price was pushed down to the $49.00 demand area – the lowest since 10th April. The bulls struggled to push the price up but were rejected at the $53.00 supply area. The downward trendline clearly shows a bounce as the price approached it – a result of the bears’ pressure on the pair. The price opened bullish at 52.48 but currently below the 3 EMAs crossover. This implies that the bear pressure is likely to create a further price downward movement with a possibility for minor pullbacks. Stochastic oscillator upward momentum was rejected and conversely, downward momentum will occur. The signal is pointing down at 44 percent. As a more bearish candle formed and closed below the 3 EMAs the ride to the $45.00 demand area may happen sooner than expected.
NEOUSD Short-term Trend: Bearish
Neo is bearish in the short-term. The bulls lost momentum after dragging the price to the $53.00 supply zone paving the way for the bears’ return. The bears took the advantage with increased momentum and dragged the price to the $49.00 demand zone. The price is below the 3 EMAs which means strong selling pressure. You can see that the stochastic oscillator upward momentum was rejected and the signal points down at 47 percent. These suggest that the price may go further down as the bears’ presence and pressure increases in the short-term.
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