SNX (Y20.P5.E1).Stalking a breakout trade

Hi All,

Another one I overlooked, was stalking it but lost focus. Hmm.
Previous post link below.
This does look like an inverse H and S and hence the 1st Target.

MY THOUGHTS:

If the weekly resistance stops it, then look to buying in at the level suggested if a pullback happens.
If it does break, look for a retest on the weekly resistance before buying in.
To go long, I would like to see a daily candle open and close above the weekly level.


All the best,

S.SAri

Weekly chart..,bullish in structure. Should do well in ALT season.

Possible scenarios

PREVIOUS POST

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main target reached.

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Looking at the daily and many of the ALTs, this dump could be the start of the ALT season. It might a bit more to go with some but we should be looking for a bottoming formation. This area of Weekly support should hold in the coming days or weeks.

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I made the right call on this chart however I opted with LTC and hence why I havn't been updating this. Looking at it performance, this is also a nice trend and if you bought in, keep going long and strategically place your stop limits. The 8 hrly does a good job with the trend and if one looks at the macd, we have a double top however we also have a strong bullish candle. The wicks are a concern. Having said that, if it was me, I would take some profit due to the wicks and if it breaks the resistance, then go long.