$SNDK closed below the channel at the NASDAQ close, confirming a clear breakdown.
The move also pushed price below the 0.382 Fibonacci level on the daily timeframe, with the candle closing beneath it as well.
There’s a significant gap sitting around $1,300, making that the key downside target from here if the breakdown continues.
For now, the structure remains bearish. I’d only turn bullish again if $SNDK reclaims and holds above $1,610.
Until then, rallies could face selling pressure.
The move also pushed price below the 0.382 Fibonacci level on the daily timeframe, with the candle closing beneath it as well.
There’s a significant gap sitting around $1,300, making that the key downside target from here if the breakdown continues.
For now, the structure remains bearish. I’d only turn bullish again if $SNDK reclaims and holds above $1,610.
Until then, rallies could face selling pressure.
