Not Sure what to make of the chart. RSI and MACD telling the most.
Please comment on my two black trendlines from the recent peak. Wasn't sure what to do there. Drew two, one from intraday high and the other from closing high.
Watch that orange support line
SNX is forming a head & shoulder. It has build downward momentum & also has fundamental weakness as well.
We think it will fall down to 84 level.
For the option trade we are looking for Dec $105 put which traded for $7.2
You can check our detailed analysis on SNX in the trading room/ Executive summary link ...
Looks falling from its right shoulder of head & shoulder pattern.
We are looking for a drop to 55 in longer term.
For trade we are taking Aug16- 95 put ($4.7) or Dec16- 70 Put ($3.7)
You can check our detailed analysis on SNX in the trading room/ Executive summery link here-
Time Span: 6:25
Trade Suggestion Date: ...