Can $SNPS continue to lead the tech sector?
Notes:
* Very strong up trend on all time frames
* Amazing earnings track record
* Basing for the past ~7 months while the Tech sector and the general market were getting hammered
* Coming off of its 50 day line with higher than average volume
* Coming up on the right side of its base
* Offering a low risk entry
* Showing tonnes of strength and signs of accumulation
* Printed a pocket pivot indicating institutional buying
Technicals:
Sector: Technology - Software - Infrastructure
Relative Strength vs. Sector: 1.48
Relative Strength vs. SP500: 1.42
U/D Ratio: 1.61
Base Depth: 44.77%
Distance from breakout buy point: -14.32%
Volume 20.92% above its 15 day avg.
Trade Idea:
* You can enter now as it's just bouncing off of its 50 day line with higher than average volume
* If you're looking for a better entry you may be able to find one around the $317.73 area
* This stock usually has local tops when the price closes around 12.54% above its 50 EMA
* Consider selling into strength if the price closes 12.34% to 12.74% (or higher) above its 50 EMA
* The last closing price is 5.42% away from its 50 EMA
* Very strong up trend on all time frames
* Amazing earnings track record
* Basing for the past ~7 months while the Tech sector and the general market were getting hammered
* Coming off of its 50 day line with higher than average volume
* Coming up on the right side of its base
* Offering a low risk entry
* Showing tonnes of strength and signs of accumulation
* Printed a pocket pivot indicating institutional buying
Technicals:
Sector: Technology - Software - Infrastructure
Relative Strength vs. Sector: 1.48
Relative Strength vs. SP500: 1.42
U/D Ratio: 1.61
Base Depth: 44.77%
Distance from breakout buy point: -14.32%
Volume 20.92% above its 15 day avg.
Trade Idea:
* You can enter now as it's just bouncing off of its 50 day line with higher than average volume
* If you're looking for a better entry you may be able to find one around the $317.73 area
* This stock usually has local tops when the price closes around 12.54% above its 50 EMA
* Consider selling into strength if the price closes 12.34% to 12.74% (or higher) above its 50 EMA
* The last closing price is 5.42% away from its 50 EMA
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