NEOUSD Medium-term Trend: Ranging
Supply zones: $70.00, $80.00, $90.00
Demand zones: $40.00, $30.00, $20.00
Neo returns to the range in the medium-term. The bears’ further downward push of the price was rejected at the $47.50 demand area, leading to the bulls’ return. The bulls pushed the price to the supply area at $53.45. At this area, an upward further push was rejected again by the bears as they gather momentum to push the price further back down to the demand area.
The daily candle opened bullish at $52.03, above the moving average crossover. This implies that a bullish pressure will be seen in the market. The stochastic oscillator is at 45% with its signal pointing down, meaning a downward momentum in price. The battle for market control between the bears and the bulls continues. Traders should be patient and let a breakout to the upside or a breakdown to the downside occur. Likewise, adopting a good ranging strategy of buying low and selling high within the range may be considered,
NEOUSD Short-term Trend: Ranging
Neo is still consolidating in the short-term. The bulls lost momentum after taking the price to the $53.50 supply area three times. Each touch in the area was met with a rejection and the bears kept the price down. The bears have succeeded in bringing the price to the $50.10 demand area. Traders should wait as the pair will certainly breakout to the upside or breakdown at the downside before riding the trend.
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