Snap-On’s (NYSE: SNA) stock price action threw a strong signal following the Q2 earnings release and outlook update, signalling that a rapid increase in share price will follow. The signal is a 6% increase in the share price, revealing a high degree of market commitment. The commitment is significant, as the move confirms support at the bottom of a critical range, aligning with the long-term uptrend and indicating that a minimum 12% upside remains ahead.
The 12% upside will align this market with the all-time highs, a critical resistance target and pivot point, setting it up to set a new high and open the door to a more sustained rally for this industrial stock.
