SNAP has thoroughly rekt millenials for a couple years now and finally reached a price where buyers were willing to accumulate down in the $5-$7 range. A lot of people are now convinced that snapchat is dead, but may end up being surprised.
Breaking this angle would have me targetting the volume core of 13-14, with a second target in the $15 range.
Beyond that It will need some time to work itself out and I will re-assess. This may be turn into a long term bullish play.
Bear case:
If we fail to break the down trajectory on this attempt, or simply fakeout above and move back, I will exit and re-assess.
Falling below 9.22 I would not be comfortable longing until it offers a nice setup.
Breaking this angle would have me targetting the volume core of 13-14, with a second target in the $15 range.
Beyond that It will need some time to work itself out and I will re-assess. This may be turn into a long term bullish play.
Bear case:
If we fail to break the down trajectory on this attempt, or simply fakeout above and move back, I will exit and re-assess.
Falling below 9.22 I would not be comfortable longing until it offers a nice setup.