Syngenta (SYT) has multi-year support levels at the neckline of the head & shoulders pattern, making it a very intriguing setup to the short-side, should price break below it here in the near future. A break of the neckline could see price drop to $35 and as much as $30 before finally stabilizing.
In recent days volume has been picking up at the neckline as the stock continues to sell, indicating the street is getting more bearish by the day. At this point, I am a bit concerned by the oversold nature of the market, and would prefer that we see a break in the neckline, followed by additional selling, and then get a light volume rally to the neckline again, where, the market will be conducive to more shorting at that point, and the stock itself will provide a solid risk/reward setup.
Here’s the Chart Analysis.