Search ForexCrunch
  • Bulls overtook the bears this Thursday as NEO/USD seems to be on the verge of a bullish breakout.
  • Bulls need to break past resistance at $7.30 while defending the $6.75 support line.

The NEO/USD market seems to be on the verge of a bullish breakout as buyers took control of the market this Thursday. Technical analysis shows that the bulls need to break past resistance at $7.30 to sustain this upward momentum.

NEO/USD daily chart

The NEO/USD daily chart shows a potential bullish breakout from the triangle formation. In the last session, the buyers were able to take control and break past resistance offered by the downward trending line. While the overall market still remains bearish, as indicated by the 20-day simple moving average (SMA 20) trending above the market, the sentiment may reverse soon enough. This is indicated by the fact that the market was trending comfortably above the lower curve of the 20-day Bollinger band in the last session. The bulls need to break past resistance at $7.30 and defend the $6.75 support line to sustain upward momentum.