SNX/USD 1D Breakout Pattern
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!
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