NEOUSD Long-term Trend – Ranging
Distribution territories: $100.00, $110.00, $120.00.
Accumulation territories: $40.00, $30.00, $20.00.
There had been basically selling pressure on the NEOUSD since Jan. 16. The buyers were formerly seen pushing the price value of the asset upward very close to the distribution territory of $200.00. The sellers succeeded at driving the market worth to around the accumulation territory of $65.00 on Feb. 06 and later on the buyers regained the market trend force that pushed the market up again to around the distribution territory of $150.00 till Feb. 27.
On Feb. 28, the sellers took up the driving of market value down to the accumulation territory $50.00. Since around April 07 or thereabout, the pair has been ranging between the accumulation territory of $50.00 and distribution territory of $100.00. Price has only been able to slightly breach past the accumulation territory but now reversing northward into the range bound. The 50-day SMA is closely above the 14-day SMA as the price action is now pushing northward against the 14-day SMA trend-line from below. The Stochastic Oscillators are now strongly pointing northwards.
Going by the reading of the indicators, the sellers now tend to lose the market driving force to the buyers. But then, the buyers may possibly use any further decline of the asset to gather momentum. Traders can probably always watch out for the direction of price action to the advantage of the trend by taking to the rules of financial management.
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