Sandisk (SNDK) has seen a respectable bounce off of a multi-layer support level. However, SNDK still remains inside of its declining channel off of its all-time highs.
While close to breaking, it’s impossible to get bullish on it until that happens. There’s still a head and shoulders in play, but the quality of it has deteriorated following the rally back above the neckline.
One major risk that comes with this stock is the beta that is near five and the fact that there’s a significant gap higher or lower 87% of the time, which adds to its unpredictable nature.
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