Utilizing the Keltner Channels, we can see SNX got a little too far out over its skis. I put an orange circle around where the SNX price action stepped outside of the upper Keltner Channel. I knew it couldn't last forever, but I was hoping for a little softer re-entry. Meanwhile, all is still well. The median-line projected shows that SNX will still be in the upper strong side of the channel so long as it bounces before we get to that $6.36 mark. If we slide to the lower side of the channel, that could be a negative trend. We (long-term holders of SNX) don't want that.
Bottom line: I am looking for SNX to bounce before we hit the median line. I expect continued positive price action going forward.
If you like this idea, please read my other ideas or comment below. Thanks! -Garry
Bottom line: I am looking for SNX to bounce before we hit the median line. I expect continued positive price action going forward.
If you like this idea, please read my other ideas or comment below. Thanks! -Garry
