Hi TinhatI do not buy or trade SNAS.I've been holding and...

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swaggytrader

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28/06/23

17:01

Post #: 68518162
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Originally posted by tinhat: ↑

I think you are brave holding or buying SNAS at the moment personally unless you are in for a quick trade and are targeting around 13040 on the nasdaq composite. It seems reasonable that it will retest that previous resistance level. If that does not provide support then there is potential support around the 32% fib retracement level of 12,555 on the chart below as there was support here back in March '21 and March '22. That's 7% below the current level which is not an unreasonable pullback given how much it has run but I'm not sure SNAS is worth the risk for that amount of expected return.

On a macro-level, earnings season has begun, and given that earnings are backward looking, they are not likely to unsettle the market. The AI hype is very much still alive to hold up sentiment in tech. The FED has paused and there is not another decision for a couple of months. Tech companies trimming operating costs by cutting back employee numbers will likely be seen as a good thing by markets in the short term.

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Hi Tinhat
I do not buy or trade SNAS.
I've been holding and trading BBUS.
I agree the market seems quite positive at the moment, but as with all ponzi schemes they need a bigger fool to buy what they're selling.
I still do not believe that the US economy is going to grow over the next 6-12 months, there will be more downside to come.
The ASX had a good day today, but I think these are just relief rallies, the full affects of interest rate rises are only just starting to take effect now, and that will intensify.
Still as dangerous market to trade, and still too much money sloshing around.
Cheers.

Value at posting: 2,958.8
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0 Great analysis

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