The SNX price has fallen under a descending resistance line since July 15. The decrease led to a low of $1.90 on August 31. However, the price bounced afterwards and broke out from the descending resistance line three days later.

After the breakout, the price reached a high of $2.56 on Sept. 6. The high was made slightly below the 0.5 Fib retracement resistance level at $2.60.

But, SNX fell shortly after the high and has fallen since, creating a long upper wick (red icon) in the process. The wick is considered a sign of selling pressure.

If the decrease continues, the closest support area will be at $1.95, a drop of 15% measuring from the current price. On the other hand, the closest resistance at $2.60 is 15% above the current price.

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