After briefly touching above $19 SNX has been steadily fading for 48 hours, failing to show any sort of substantial bounce like other names in the sector. 4H chart has been unable to close above EMA resistances, looks to have broken below the longer term uptrend line, and continues to dangle off into lower lows with increasing bear volume. The potential also exists for the 4H chart to be a head & shoulders about to break. TA of the chart would indicate further weakness coming. Supports on the way down include 16.03, 14.75, and 14.
Last hope for near term bulls would be a bounce from the 12H EMA 26 which is also the daily EMA 12 in this case. Failing significant bull volume showing up here in the mid 16's pushing lower time frame trend reversals and closing above EMA resistance, lower lows seem likely.
Definitely open to a more bullish take if there's something I'm not seeing here
Last hope for near term bulls would be a bounce from the 12H EMA 26 which is also the daily EMA 12 in this case. Failing significant bull volume showing up here in the mid 16's pushing lower time frame trend reversals and closing above EMA resistance, lower lows seem likely.
Definitely open to a more bullish take if there's something I'm not seeing here