NEOUSD Medium-term Trend: Ranging
Supply zones: $90.00, $100.00, $110.00
Demand zones: $50.00, $40.00, $30.00
Neo is ranging in the medium-term outlook. The bulls’ failure to hold price within the $80.00 demand area set in the bears. The bears pushed price from the supply area at $87.00 down to the critical demand zone at $80.00. Efforts by the bulls to stage a comeback were rejected at the $83.00 supply area. The bears’ pressure was so strong at this supply area that it resulted in the breaking of the $80.00 critical demand zone. The price was pushed further down to the $75.00 demand area. The daily opening candle was bearish below the 50 exponential moving averages. This thus implies that more bear pressure will be seen in the pair in the medium term. Neo ranges between an upper supply zone at $90.00 and a lower demand zone at $75.00.
NEOUSD Short-term Trend: Ranging
Neo continues its consolidation in the short-term. The bears’ impact was vivid from the chart above at the $83.00 supply area. The double top formation at this area resulted in the bears strong downward price push to the $76.00 critical demand zone. Flashes of the bulls’ presence managed to the push price above the three exponential moving averages crossover. Traders should trade cautiously in this ranging situation. A breakout down from the $76.00 demand zone and retest may take further south while a breakout from the $84.00 supply zone will sustain the bulls in the market for upward journey. Patience is key.
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