SYNH Broke out of after months of consolidation
It's been months since SYNH has been consolidating and it finally broke out today.
Tonnes of buying pressure came in early June that proved $80.30 as a solid support level. Since then SYNH has been heading up.
Looking at the weekly or even monthly charts you can see that the company's been doing really well with the stock showing a clear up trend.
With the stock making a new all-time-high and the company expected to well in the coming year, it's clear that the stock should continue to move higher.
Technicals
* Stock made a double bottom
* Confirmed the double bottom as it broke and closed above $89.95
* Measured objective for this pattern would be around $99.61
Final thoughts
* Breakout wasn't with a lot of volume so be on a look out for a retest of the broken level
* Look for buying opportunities around the breakout point between $88.90 and $90
Tonnes of buying pressure came in early June that proved $80.30 as a solid support level. Since then SYNH has been heading up.
Looking at the weekly or even monthly charts you can see that the company's been doing really well with the stock showing a clear up trend.
With the stock making a new all-time-high and the company expected to well in the coming year, it's clear that the stock should continue to move higher.
Technicals
* Stock made a double bottom
* Confirmed the double bottom as it broke and closed above $89.95
* Measured objective for this pattern would be around $99.61
Final thoughts
* Breakout wasn't with a lot of volume so be on a look out for a retest of the broken level
* Look for buying opportunities around the breakout point between $88.90 and $90
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