SNX Technical Analysis: Bulls Gaining Strength and Price Likely to Increase Further

Let us look at the technical analysis of SNX.

Past Performance

SNX opened for trading on October 26, 2021, at $9.86. An uptrend began in the prices during the last week. It closed on November 1. 2021, at $10.32. There was a change of 4.66% over the week.

SNX Technical Analysis

The trend line can be seen to have a slope of around 45o. The bulls are gaining strength and the price is likely to increase further. This claim is supported further as the current trading price is $10.36, which is 4.7% above the previous day’s close. Let us see what the indicators have to show us.

The OBV is showing an increase in buying pressure for the last few days. It is moving upwards just like the price chart. This is a positive signal and the traders may take a long position.

On October 28, 2021, SNX announced that the SNX stakeholders can earn a portion of the 20 million SNX rewards. This news may have started the uptrend.

The Relative Strength Index(RSI) is also ascending slowly, showing increasing strength of the price. It is currently at 53.39%.

On Twitter, a lot of optimism was seen in the earlier part of the week for the increase in price. This can again be a reason for the bullish sentiment of the market.

The Fast line and the Slow line both are positive in the MACD graph. The distance between these lines remained constant for a few days. This again shows strength in the price of SNX in the coming days.

Day-Ahead and Tomorrow

Thus, the indicators are showing bullish signals and the traders are advised to take a long position. They can keep the target at $12.1. However, a trend reversal cannot be considered inevitable, and hence stoploss can be placed at $8.633.

According to Fib numbers, the price is currently being tested at the pivot point of $10.21.