Leading pharmaceutical stock, Sanofi (SNY), has been coming under selling pressure since mid-July 2020. At that time, the stock traded as high as $55.00 a share. Since that high pivot, SNY stock has steadily declined and is now trading around the $49.50 level. Currently, the stock is sitting on its important 200-day moving average. This level is still holding up as near term support, but a break below this level will likely spell more problems for the share price.
The $46.00 level is the next major support area that I see for the stock. This level is a major retrace area for the stock which should serve as important support when tested. There is also a prior breakout level around that area from early May 2020. Often, prior break-out levels will serve as major support when tested. I will be keeping SNY on my radar for a long trade when this important support area is tested.
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