Price sitting near major support.
50 weekly MA is being respected as resistance, but buyers won’t let it keep falling as well.
Selling pressure is getting exhausted.
Price been consolidating for a while.
*Last earnings surprise was 50%+
Something is being cooked…
To me, it seems like market is pessimistic about SNAP, but at the same time, waiting for a turnaround and any excuse to buy. If there is no excuse to buy, sellers might push lower to 6.90, if it breaks below, we might see further downside.
Furthermore, SNAP fundamental view is already pessimistic, even with a 50%+ EPS surprise. Is this the bottom already?
I want to say I can feel something is cooking, but feelings aside… comparing quarters, revenue and eps are higher.
Maybe the growth rate is not as expected, yet, if that all has been priced in… doesn’t that mean we are seeing a good price for entry?
BULLISH
50 weekly MA is being respected as resistance, but buyers won’t let it keep falling as well.
Selling pressure is getting exhausted.
Price been consolidating for a while.
*Last earnings surprise was 50%+
Something is being cooked…
To me, it seems like market is pessimistic about SNAP, but at the same time, waiting for a turnaround and any excuse to buy. If there is no excuse to buy, sellers might push lower to 6.90, if it breaks below, we might see further downside.
Furthermore, SNAP fundamental view is already pessimistic, even with a 50%+ EPS surprise. Is this the bottom already?
I want to say I can feel something is cooking, but feelings aside… comparing quarters, revenue and eps are higher.
Maybe the growth rate is not as expected, yet, if that all has been priced in… doesn’t that mean we are seeing a good price for entry?
BULLISH
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.