SNAP is testing 17 support area, which has been pretty solid up until now. Will it hold? If not, maybe ppl saying we could see 10 are correct - especially given 2 upcoming lockup expirations end of this month & August! Keeping my 18 & 17 short puts open and will look to sell loads more during lockup expiration window - especially if it closes < 17 today/soon. Still solid long, reminds me of ppl calling FB overvalued when it went public...if you can hold long, don't take loss on this but if you need to sell i would wait to see if it closes below 17 and if it holds then look to exit off bounce of 17 support...beginner charting, thoughts welcome:)
Comment:
Aaaand there it goes closing below the 17 support line. Excellent spot for a small first entry in case it bounces off that line tomorrow (or for selling lower strike puts for that same purpose). If it opens down, I'd say we're def in uncharted area and probably heading lower after/around lockup expiration - really could go ridiculously low especially given added pressure from shorts. Still bullish long, so happy to take shares below IPO price anytime:)