Editor's PickPoliticsSnap-On Surging

2 years ago374 min
https://topinvestingtoday.com/wp-content/uploads/2021/12/cover-9-1280x813.jpg
Snap-On Daily Chart.

Snap-On Daily Chart.

Snap-On Inc (NYSE:SNA) is in full breakout mode today. Shares are up 5% as the stock begins to put some distance on heavy supply near the $156.00 area. This key zone, which includes June, August and September highs, should now be considered a solid support zone.

There is ample fuel in the tank for a move higher. SNA sports a short interest ratio of 14. The stock is also far from overbought despite trading at new four-month highs. We expect SNA to retest the 2020 highs as a fresh rally leg develops. The 2019 high is $174.00. The all-time high is $189.50, set back in September 2018.

Note: We have no position.

You can read Gary S. Morrow’s original post here.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Leave a Reply

Your email address will not be published. Required fields are marked *