Saturday, January 23, 2016

[SYNA] update

At the backlink it was looking mighty bad for Synaptics shares.  A potential head and shoulders had formed and the neckline had broken.  But then something miraculous happened: someone was watching the chart and re-leaked news of a likely potential take over with supposed $110 price tag ($4bn price tag / 36mn shares).  The stock surged big time and destroyed the H+S.  I suspect that someone on Wall St who is handing this deal saw the technicals breaking down and so they leaked more positive sounding news.  I wouldn't be surprised if the prospective buyer was a bit pissed by it though.

I'll need more data in order to come up with a new count but the recent move level a heck of a unicorn tail on the weekly chart.  I'd hold this as long as the recent dip holds as support.

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