We know the markets have been a mixed bag lately, but we think SNX could be a diamond in the rough here. ☝
So we've been watching this key level at around $3.70 closely. SNX hasn't traded above there since last August. When it tried to break back above in November, it got rejected. 🚫
But now, SNX has officially closed above $3.70 with some solid buying pressure behind it! 💪
If we zoom into the daily chart, we can see SNX wicked lower twice recently but held that support. This shows buyers are willing to scoop up SNX on any dip back to $3.70. 🛍️ A nice sign!
We posted a bullish update about this yesterday when SNX was surging. Now it's pulling back a bit, giving us a chance to get in. 🤑
We've got my eye on SNX heading back up to around $4.40 if this daily support holds.
Of course, we could see broader market pullbacks still, which may hit SNX too. 📉
But in the long term, closing decisively above $3.70 is super bullish after months of failing to break higher. SNX also had a nice weekly close to confirm the breakout. Let's see if buyers can defend this! 👀
So, that's why we are excited about SNX here.
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