NEO/USD Long-term Trend: Bearish
Supply zone: $20.00, $30.00, $40.00
Demand zone: $3.00, $2.00, $1.00
NEO long-term outlook remains a bearish trend. The bears continued the ride to the south breaking major key levels and attaining lower low thanks to the marubozu candle of 19th November. $7.32 in the demand area was the low of the week just ended on 24th November but it engulfed the previous day candle a signal of strong bear presence.
Although the new week opened as a bullish spinning top at $7.59 on 25th November, a lack of momentum by the bulls to continue the upward price movement led to loss of market control back to the bears. Currently, NEOUSD is down to $6.90 with a strong indication for a further downward push by the bears.
NEOUSD is in a downward channel with the price below the two EMAs and the EMAs are fanned apart which suggests strength in the context of the downtrend. The lower line of the channel at $3.00 in the demand area may be the bears’ target as its momentum increases down south confirmed by the stochastic oscillator signal in the oversold region that points down.
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