NEO/USD Long-term Trend – Ranging
Distribution territories: $100.00, $110.00, $120.00.
Accumulation territories: $40.00, $30.00, $20.00.
NEO continued to experience its movement directions in the range-bound of between the distribution territory of $100.00 and the accumulation territory of $50.00. The sellers are getting weaker as they have failed to take the market driving force strongly past the accumulation territory of $50.00. On April 22, the 14-day SMA intersected the 50-day SMA from below and this eventually led to a slight rise in the market worth to around $90.00 or thereabouts.
Around May 20 or 21, the 14-day SMA intersected the 50-day SMA from the top but currently bent northward above the accumulation territory of $50.00. Price has been very tightly fluctuating along the trend-line of 14-day SMA. The Stochastic Oscillators had recently moved past range of 20 northward but they are now slowly pointing southwards.
This asset may later on slightly experience a sudden decline in the price value but lacks tendency of upholding it for long. Either a sudden upward breakout of the range-bound or a strong reversal is expected to take place with the asset very soon. Investors, like wisely, the traders are expected to watch out for decent long trading positions.
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