Downside Prevails
Our Pivot: 94.50
Our Preference: Start short selling SNGP below 87 and average it out till 90.97 with strict stop loss of 94.50 and profit target at 78.40 & 74.10 with extension towards 70.50.
Alternate Scenario: Breakout of 94.50 in upward direction will call for 103.50
NOTE: SNGP is moving in a downward price channel on weekly chart and right now it have already completed 61.8% correction of its last bearish rally. Weekly momentum indicators already have changed their direction towards bearish side and it's expected that now it will start expansion of its current correction to complete 5th wave of its elliot wave on weekly chart.
Weekly Chart with Supports & Resistances:
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