You dont have to be a genius to know there are better places to put your money. Investing in SNAP without any knowledge is simply gambling. We have the casino for that. Technical already pointing to the downside and the first move up was from the hype around SNAP. But looking at how profitable SNAP is, it isnt. A company can be good, but that doesn't mean the stock will be good. This is a simple 5 wave structure for the stock based on the IPO of $17 being future support. The support will bring price up to around $24, previous support now new resistance. From there we might see price go a little higher to attract late buyers. Then we will see this stock falls to new low.
technical analysis does not work on stock market in comparision of forex, fundamental has huge impact.
AbdorhmanThi
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@GrowingForex, it works pretty fine for me. Fundamental do have a bigger play but technical analysis does work. I have made more successful trades than failure trades. But it is mainly on a small time frame. As for this analysis of snap. It did move how I lay it out, not price wise but structurely it did.