Technical analysis by sunnytrader07 about Symbol SNX: Buy recommendation (12/1/2023)

SNXUSDT - BULLISH OUTLOOK SNXUSDT is displaying a compelling technical setup on the 1-hour timeframe, marked by a bullish divergence on the RSI, suggesting a potential reversal for a bullish trend. Here's a concise analysis and trade plan: Entry: Consider entering a long position at $3.36 Stop Loss (SL): Set the stop loss at $3.17 to manage potential downside risk Take-Profit Levels: TP 1 @ 1:1 = $3.55 TP 2 @ 1:2 = $3.74 TP 3 @ 1:3 = $3.93 After achieving the first take-profit level, consider adjusting the stop loss to the entry point (breakeven) to protect the gains and mitigate further risk. This trade plan is designed to take advantage of the identified bullish divergence on the RSI, anticipating a reversal in the bullish trend. Managing risk through a stop loss and implementing a breakeven strategy after the first take-profit level aligns with a prudent trading approach. As always, staying informed and adapting to market conditions is crucial for successful trading