SNN Daily consolidation under way. Good LONG entries are here
Jan 9 SNN:
My take: So volume tapered right back today, declining bear volume. We had a big move up with almost 1 million shares in volume in 8 days and we have not had a big rush to take profits, bulls just needed a breather
Todays range was between $5.00 as the high and $4.75 as the low, with low coming at end of day thought there is a discrepancy in close price between exchanges, some posted 4.78 close
Our hourly pivot lows are technically $4.62, $4.65, $4.71 and $4.75 but we would need to not break $4.75 tomorrow to confirm hourly higher lows.
We are close to having a golden cross on the 9DMA and 50DMA which is a bullish indicator, and the RSI levels are cooling off enough that we could resume higher.
The 14 Period RSI: Hourly: 52
4-hour: 67
Daily: 65
Weekly: 45
On the daily chart a break of $5.00 with close near the high, will set us up good for Friday. however this doesn’t not necessarily need to happen for continuation as long as we hold today’s low of $4.75 and preferably above $4.78. On the hourly chart we are looking for first a break of $4.90 and then a break of $5.00 for a bullish signal. A close above $5.42 on Friday gives us a great weekly chart, with a strong set up for next week.
It’s hard to say given this set up how bulls will react to probably MJ majors and indices consolidating, but haven't been entirely correlated to them in recent times. Also fundmentaly we are still well undervalued to our Peers based on forecasted 2019 Revenue
My take: So volume tapered right back today, declining bear volume. We had a big move up with almost 1 million shares in volume in 8 days and we have not had a big rush to take profits, bulls just needed a breather
Todays range was between $5.00 as the high and $4.75 as the low, with low coming at end of day thought there is a discrepancy in close price between exchanges, some posted 4.78 close
Our hourly pivot lows are technically $4.62, $4.65, $4.71 and $4.75 but we would need to not break $4.75 tomorrow to confirm hourly higher lows.
We are close to having a golden cross on the 9DMA and 50DMA which is a bullish indicator, and the RSI levels are cooling off enough that we could resume higher.
The 14 Period RSI: Hourly: 52
4-hour: 67
Daily: 65
Weekly: 45
On the daily chart a break of $5.00 with close near the high, will set us up good for Friday. however this doesn’t not necessarily need to happen for continuation as long as we hold today’s low of $4.75 and preferably above $4.78. On the hourly chart we are looking for first a break of $4.90 and then a break of $5.00 for a bullish signal. A close above $5.42 on Friday gives us a great weekly chart, with a strong set up for next week.
It’s hard to say given this set up how bulls will react to probably MJ majors and indices consolidating, but haven't been entirely correlated to them in recent times. Also fundmentaly we are still well undervalued to our Peers based on forecasted 2019 Revenue
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