The Property Brothers Recommend Scripps Networks

• Posted by Greg Harmon
• on March 10th, 2016

I know they are a bit biased, as their popular home buying and improvement show is part of Scripps Networks ($SNI) programming, but they may have a point. The stock went through along turn lower finding a bottom in September. Since then it has consolidated though in a wide range.

The particulars of that range show a series of higher lows and higher highs. the last few days the price has broken above an ascending triangle. This move would give a target of 77.50. With the price holding here it gives a good reward to risk to the upside on a move higher.

But it also shows signs of being overbought. Momentum is starting to fade with the RSI turning lower. The MACD is also rolling over. Will this be another trip to the bottom of the triangle? Just like in Jonathan and Drew’s show, you have choices. If the price falls below the top of the triangle look to the short side and a continuation higher is a buying signal. No wonder those guys always look happy. They win either way, now so can you.

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