After a year long downtrend snx is starting to show signs of a reversal. The price has been respecting the downwards channel and has been unable to break its resistance line.
But.. it looks like it might be starting to wake up. We have had a bounce again from a strong area of support and the price has made a higher low.
I suspect we might be starting to form a new upwards channel as indicated by the black lines, break of the old downwards channel would be confirmation.
For an aggressive entry daily close above the 200ema with a bullish candle with some volume would be required. Otherwise wait for a break of the downwards channel.
I will be entering in both places and looking for at least a 2x before selling. Breakout on this could be very decent given how long its been consolidating and how the OBV has been going upwards in the meantime.
But.. it looks like it might be starting to wake up. We have had a bounce again from a strong area of support and the price has made a higher low.
I suspect we might be starting to form a new upwards channel as indicated by the black lines, break of the old downwards channel would be confirmation.
For an aggressive entry daily close above the 200ema with a bullish candle with some volume would be required. Otherwise wait for a break of the downwards channel.
I will be entering in both places and looking for at least a 2x before selling. Breakout on this could be very decent given how long its been consolidating and how the OBV has been going upwards in the meantime.
Might see a small pullback to the $10.50-$11 to retest local supports. Bounce from there would be a good entry point