Preparing to break out from the descending channel on the daily timeframePrice has been respecting the trendline within the pattern, but recent developments suggest that we may be about to see a major move.
SNX may retest around 1.4, a key area filled with liquidity. This area could act as a springboard to propel SNX above descending resistance. If this happens, it would signal a potential trend reversal, consistent with our bullish outlook.
If liquidity at $1.850 is not enough to fuel a breakout, we may see a retest of the $1.400 support level. Strong buying here could provide the necessary momentum for an upward move. Look for signs of a potential bullish bounce.
If support fails, #SNX could face increased selling pressure, which could lead to further declines. Monitoring the lower support zone will be crucial to gauge the extent of any downward move.
