SNAP - could be emerging from base

NYSE:SNAP   Snap Inc.
SNAP plunged 10.3% on 1st Feb after announcing yet another quarter of dismal results. However, what happened after that is interesting.
The stock began to recover steadily in the last 3 days on good volume, a stark contrast to the correction the general market was experiencing. This exhibits "hidden" strength / support for the stock.

There is a good chance it is going to test a critical neckline @ 12.94 in the coming days. Should it begin to break above this neckline and also the 200 day MA, then the odds are good then it has entered into a recovery phase.

Let's wait and see.

Disclaimer: Just my 2 cents and not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Take care and Good Luck!

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