SNAPCHAT ($SNAP) 👻 | Why Snap is More Tempting than a Cinnabon
🐋 ALERT! The SNAP bulls have been giving bears no leeway recently. Not only does the chart look great as SNAP has capitalized on the lockdown, but Snapchat has also been busy improving its ad space and moving to compete with other big tech like Apple and Google (for example with Snapchat's foray into AR).
Let's take a look at some levels to see if SNAP can keep popping off.
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Support:
The S1 S/R flip and S2 orderblock are both equally notable to SNAP bulls. A bounce at or between any of these levels would be a show of strength from the bulls.
While the bulls have the S3 SR flip at the major price pivot point on their side, a test of S3 breaks the bullish market structure and thus makes this level somewhat unattractive at this point (if we get there, we'll have to see how price reacts).
Resistance:
The first point of resistance for the bulls is the R1 orderblock at the failed swing high and S/R flip. It would make sense for us to be rejected here while price consolidates. This would help SNAP to avoid becoming overextended.
The R2 orderblock at the failed swing high range comes into play if R1 is breached. While there are other notable levels higher to discuss if we get there, first things first, a move off of R2 to consolidate onto of R1 first is a perfect move for the bulls to signal continuation higher.
Here is a chart showing where these levels are coming from:
Summary:
SNAP's chart looks great, there is a clear path for the bulls if they want to keep this up. Since that is the case, we expect something similar to what is noted on our chart to play out. Meanwhile, we would be skeptical of any price action that didn't at least interact with our levels. After-all, running too hard and too fast could leave SNAP overextended, while not interacting with support would show real weakness.
Resources:
www.theguardian.com/...-on-google-and-apple + www.searchenginejour...tion-program/372124/
Let's take a look at some levels to see if SNAP can keep popping off.
Hit that 👍 button to show support for the content and help us grow 🐣
Support:
The S1 S/R flip and S2 orderblock are both equally notable to SNAP bulls. A bounce at or between any of these levels would be a show of strength from the bulls.
While the bulls have the S3 SR flip at the major price pivot point on their side, a test of S3 breaks the bullish market structure and thus makes this level somewhat unattractive at this point (if we get there, we'll have to see how price reacts).
Resistance:
The first point of resistance for the bulls is the R1 orderblock at the failed swing high and S/R flip. It would make sense for us to be rejected here while price consolidates. This would help SNAP to avoid becoming overextended.
The R2 orderblock at the failed swing high range comes into play if R1 is breached. While there are other notable levels higher to discuss if we get there, first things first, a move off of R2 to consolidate onto of R1 first is a perfect move for the bulls to signal continuation higher.
Here is a chart showing where these levels are coming from:
Summary:
SNAP's chart looks great, there is a clear path for the bulls if they want to keep this up. Since that is the case, we expect something similar to what is noted on our chart to play out. Meanwhile, we would be skeptical of any price action that didn't at least interact with our levels. After-all, running too hard and too fast could leave SNAP overextended, while not interacting with support would show real weakness.
Resources:
www.theguardian.com/...-on-google-and-apple + www.searchenginejour...tion-program/372124/
