RE:chart updateHere is what I read - note: all prices in USD:
1. It failed to break the resistance which is at 4.25, though it broke that briefly to go up to 4.30 on small volume before retreating immediately. The last 90 minutes of trading was a lot of selling pressure.
2. The next hurdle is the 200 DMA which is at 4.42. If it breaks that, then the next resistance is at 5.06
3. But here's the thing: The RSI is almost at 70 and this is due for a reversal and downwards she would go, barring any good news of course. With the news out last week that sales estimates will be 55 to 60 million, I do not see anything in the pipeline right now. Also, the Calif facility is running into a few weeks of delay, again.
So my read is that we are due for a reversal and back to the 3.50 - 3.75 range, barring any news.
Of course, this is based strictly from the chart read so do your own due diligence.
Benedictus wrote: appreciate the recent back and forth discussion between sunrize and bluechip - nice to see a SH board that can still offer some balanced insights!
just thought i'd chime in w.r.t the technical picture (fwiw). the chart has firmed up really nicely and snn really is holding its own lately and the daily chart appears to have a reverse H&S pattern setup here drawn from about October to now. If buying demand breaks that 5.50 to 5.75 congestion zone, it would suggest a sharp run toward the 7.50 technical supply wall. A break below 4.15 or so would invalidate this pattern setup. All imo.