SNX started trading at $24.67 on February 10, 2021. As of February 16, 2021, SNX closed at $24.07. Thus, the price has dipped by approx. 2.5% in the past week. In the last 24 hours, the SNX price touched a high point of $25.58 and a low point of $22.22. https://ift.tt/2ZqgOFC SNX Technicals for Tomorrow SNX started trading at $24.07 today. Currently, it is trading at $23.09. Thus, the SNX price has dipped since morning. Presently, the price line is closer to the lower Bollinger band. It is below the 20-day SMA line too. Thus, the price may probably fall further. The A/D indicator is downward sloping. This implies that distributions are higher than accumulations. The OBV indicator is falling too. This means that selling volumes are higher than the buying volumes. Moreover, the ADX indicator is also downward sloping. This implies that the price downtrend or bearish momentum is strong. The AO indicator has been positive since the past few hours. However, the ‘buy’ signals have become very weak. AO is nearing the zero line and will turn negative soon. Thus, a trend reversal is on the horizon. The RSI indicator is at 45%. A couple of hours back, it faced a bearish swing rejection at 70% and fell to the current level. Selling pressures are still dominating the market. Thus, the price is likely to fall further. The Stochastic oscillator has just entered the ‘oversold’ region below the 20% mark. This is a good time for swing traders to buy SNX. A bearish crossover by the actual value-line over the 3-day SMA line implies price corrections. The MACD and signal lines were positive for the last four hours. Now they are close to the zero line. Hence, they will change signs soon. A bearish crossover by the MACD line over the signal line implies a price downtick. The market momentum is bearish. Currently, the price is below the Fibonacci pivot point of $23.96. By the end of the day, we can expect the price to go below the first Fibonacci pivot support level of $22.67. It may go below the subsequent Fibonacci pivot support level of $21.88 too. If this happens, then the bear-run will surely continue tomorrow. Currently, the price tested the 38.2% FIB retracement level of $23.50 but failed to break out of it. Now, it is falling to the 23.6% FIB retracement level of $23.01. By the end of the day, if the price falls below the 23.6% FIB extension level of $21.43, then it is confirmed that the downtrend will continue for a day or two.
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