Snap-On is in full breakout mode today. Shares are up 5% as the stock begins to put some distance on heavy supply near the $156.00 area. This key zone, which includes June, August and September highs, should now be considered a solid support zone.
There is ample fuel in the tank for a move higher. SNP sports a short interest ratio of 14. The stock is also far from overbought despite trading at new four month highs. We expect SNP to retest the 2020 highs as a fresh rally leg develops. 2019 high is $174.00. All time high is $189.50 set back in September 2018.