Idea
SNX/USD is on the brink of a potential breakout to the topside on the 1D chart @ 14.90. The set up seems to suggest a bullish continuation for SNX/USD up to about 20.00 in the short term.
Price Structure
Top Trendline: 14 Feb ‘21 @ 29.00, 18 May ‘21 @ 25.90
Bottom Trendline: 26 Jun ‘21 @ 5.50, 21 Jul ‘21 @ 7.10, 07 Sep ‘21 @ 9.30
Middle Trendline (Breakout): 11 Jul ‘21 @ 14.95, 21 Aug ‘21 @ 14.50, 15 Sep ‘21 @ 14.90
Conclusion
This is a short term trade idea so take your profits @ 20.00 (do not be greedy). The difference between the middle trendline and bottom trendline is roughly $5.00 so if we tack that on to the potential breakout level of 14.90 we get 19.90. We also had an exponential moving average crossover on the daily (12-26) 13 Sep ‘21. Bitcoin is “golden crossing” which helps the case for our trade. Good luck!
SNX/USD is on the brink of a potential breakout to the topside on the 1D chart @ 14.90. The set up seems to suggest a bullish continuation for SNX/USD up to about 20.00 in the short term.
Price Structure
Top Trendline: 14 Feb ‘21 @ 29.00, 18 May ‘21 @ 25.90
Bottom Trendline: 26 Jun ‘21 @ 5.50, 21 Jul ‘21 @ 7.10, 07 Sep ‘21 @ 9.30
Middle Trendline (Breakout): 11 Jul ‘21 @ 14.95, 21 Aug ‘21 @ 14.50, 15 Sep ‘21 @ 14.90
Conclusion
This is a short term trade idea so take your profits @ 20.00 (do not be greedy). The difference between the middle trendline and bottom trendline is roughly $5.00 so if we tack that on to the potential breakout level of 14.90 we get 19.90. We also had an exponential moving average crossover on the daily (12-26) 13 Sep ‘21. Bitcoin is “golden crossing” which helps the case for our trade. Good luck!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.