Snap-On Inc (NYSE:) is in full breakout mode today. Shares are up 5% as the stock begins to put some distance on heavy supply near the $156.00 area. This key zone, which includes June, August and September highs, should now be considered a solid support zone.
There is ample fuel in the tank for a move higher. SNA sports a short interest ratio of 14. The stock is also far from overbought despite trading at new four-month highs. We expect SNA to retest the 2020 highs as a fresh rally leg develops. The 2019 high is $174.00. The all-time high is $189.50, set back in September 2018.
Note: We have no position.
You can read Gary S. Morrow’s original post here.
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