This trade setup in SNYA (Synaptics Inc) was passed along to me by a follower of the site (thanks D.C.) yesterday and broke below the uptrend line on a sharp move lower today. Since my price alert didn’t trigger until just before an hour before the close, I decided to hold off on posting an entry as I usually avoid late day pattern breakouts, especially if they are caused by a strong move in the broad market as today. With that being said, I still have numerous trade ideas to share so I figured that it would be best to post this one now for those who are looking for some short-side trade candidates. As I’m posting this setup after-hours, my preference would be to establish a short entry on SYNA if the stock is trading close to or above where it closed today (56.18) or higher, as long as prices remain below the trendline. Targets are listed on this daily chart with the specific suggested buy-to-cover levels to be added soon.
SNYA daily April 10th