SNX Analysis: Bullish Breakout Signals Potential Upside Momentum
💎 SNX has broken out of the resistance zone, which is now acting as support. Additionally, it has broken out of a falling wedge pattern and formed a W pattern in the support zone, increasing the likelihood of a bullish trend.
💎 Moreover, the price has exhibited a CHoCH (Change of Character) or a breakout of the previous swing, indicating a bullish trend. Given these factors, we can anticipate a bullish move from this point. Alternatively, there might be a retracement towards the demand area & expect a bounce from it. In either case, we can expect the price to move towards resistance levels, although it might be advisable to book small positions at each small resistance level.
💎 However, if SNX breaks down below the demand area, it would raise the probability of a bearish move.
💎 Moreover, the price has exhibited a CHoCH (Change of Character) or a breakout of the previous swing, indicating a bullish trend. Given these factors, we can anticipate a bullish move from this point. Alternatively, there might be a retracement towards the demand area & expect a bounce from it. In either case, we can expect the price to move towards resistance levels, although it might be advisable to book small positions at each small resistance level.
💎 However, if SNX breaks down below the demand area, it would raise the probability of a bearish move.
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