Snap rallied hard one month ago following strong quarterly results. Now it may be ready to move again.
Notice the bullish gap on July 23 after the social-media platform’s profit, guidance, traffic and revenue beat estimates. SNAP has barely filled any of that gap, which indicates sellers are few and far between. The stock also held its early-July peak around $70, turning old resistance into new support.
Next, SNAP jumped back above its 21-day exponential moving average (EMA) on Monday and held that line on Tuesday.
Third, stochastics recently fell into an oversold condition and are now rebounding.
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Notice the bullish gap on July 23 after the social-media platform’s profit, guidance, traffic and revenue beat estimates. SNAP has barely filled any of that gap, which indicates sellers are few and far between. The stock also held its early-July peak around $70, turning old resistance into new support.
Next, SNAP jumped back above its 21-day exponential moving average (EMA) on Monday and held that line on Tuesday.
Third, stochastics recently fell into an oversold condition and are now rebounding.
TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
