SNX Technical Analysis: Recovering Prices Prepares To Exceed To $3.5
Table of contents
Key Technical Points:
Past Performance of SNX
As mentioned in our previous article, the SNX prices sustain above the 50-day SMA and maintain the breakout rally momentum. The rally heads higher to the 100-day SMA and shows a growth of 35% over the last week. Additionally, the intraday trading volume showcases a positive trend supporting the bullish uprising.
Source - Tradingview
SNX Technical Analysis
SNX price action shows a higher price rejection from the 100-day SMA, reflecting the difficulty for the price trend to surpass the resistance. Hence the uptrend must exceed the opposing SMA to reach the overhead resistance of $3.5.
The RSI indicator shows a gradual uptrend reversing from the nearly oversold territory exceeding the Halfway line and the 14 days average line. Hence, the technical indicator supports the thesis of uptrend continuation.
Additionally, the MACD indicator shows fast and slow lines maintaining a positive trend above the zero line while the bullish histograms resurface. Further, the increasing spread between the fast and slow lines hints that the uptrend is here to stay. Hence the technical indicators maintain a bullish point of view for the upcoming trend.
In short, SNX technical analysis displays positive support for the ongoing uptrend and increases the likelihood of the prices reaching the $3.5 mark.
Upcoming Trend
The upcoming trend in the SNX prices emits a bullish vibe projecting a high likelihood of the obtained surpassing the $3.5 resistance level to reach the $4 mark.
In contrast, the bullish failure to exceed the 100-day average line will result in downfall to the bottom support at the $2.5 mark.
Resistance Levels: $3.5 and $4
Support Levels: $3 and $2.5