SNX price has been under the influence of bearish trend for some time now, until buyers moved onto the scene. This came after a favorable environment was created through an important Exponential Moving Average (EMA) line that instigated a bullish crossover. The price of SNX is on the upward trend to form higher-highs and higher-lows and is also making a bullish rally as the market oscillators reach the overbought position.

In the beginning levels of the market descent, SNX price received significant resistance at $4.200 that led to a 38% downturn. During the bearish trend, the price fell 65 percent from the support level at $1.422. Following this, a breakout was noted with a 63 percent increase in the price. Overall, a notable ascension was seen in the consolidation pattern.

At this time, the price of SNX is trading above the 200-day EMA, marking a shift in the trend to benefit the bulls. Additionally, the 100-day EMA moved above the 200-day EMA line and created a highly bullish golden crossover. Moreover, the price is receiving support from the 100-day EMA while the 200-day EMA is placed slightly below it.

The strength of the trend is further established as the Relative Strength Index (RSI) line crosses the 14-day Simple Moving Average (SMA) and is expected to make a bullish crossover with the median line. As of now, the stochastic line has made a retreat from its oversold levels after crossing the median line and RSI value rests at 49.38.

The support and resistance levels for SNX have been set at $2.231 and $3.400 respectively. It is essential to keep in mind that any decision regarding trading or investments should be made after thorough anaylsis of the market and understanding the risk involved in it.



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