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$SYN Rally Nears a Key Test ... Previous long trade All Targets achieved ...
SYN can face a rejection anytime after such a strong rally
SYN has already gained more than 110% and is now trading close to the $0.29-$0.30 resistance area. The move has been impressive, but after such a strong rally, traders should start paying attention to risk as well as reward.
For now, buyers remain in control. Every dip is being bought, and the bullish structure is still intact. If momentum continues, the next zones to watch are around $0.32, $0.36, and potentially $0.42.
The important support area sits near $0.27-$0.28. As long as price stays above that range, the trend remains strong and bulls keep the advantage.
However, if SYN loses this support zone, momentum could fade quickly. After a fast move like this, corrections can be sharp to $0.22 - $0.20 because there is very little support below current levels.
My bigger-picture view remains cautious. The trend is still bullish right now, but I would rather wait for a confirmed breakdown before looking for any short opportunities. Until then, the bulls are still in control.
#MyGateTradeStory