High timeframe so this could take several months to even get back to the gap fill but very nice high RR on this if it comes to daddy. Classic bearish island top into potential H&S as per Edwards/Magee.
Back when SNAP reporting earnings and had the miss due to the change in policy by APPLE with limiting how SNAP could market to it's clients i thought it was an extreme over reaction as the price literally fell off a cliff when i went digging into unusual whales i found very large call option bets placed out for end of NOV exp which seemed like they placed those...
Its cheap right now considering it reached $76 before the earnings came out. Apple advertising changes did affect Snap. It affected a lot of social media apps. However, the platform is continuously improving, and attracting new users. They have plenty of room for growth and innovation. In the long term, this stock is a buy.
Snap recently loss the 50EMA on the weekly but is trading at two important support points - Upward trend line and volume shelf support.
Watch for possible more downside to $50 zone, were I would want to see buyers defend here and push back to $60 zone target.
I'm in DEC $60 calls down -20% will exit the position with a close below $50 this week. I like the...
$SNAP price fell about 35% last week over earnings report. However this is just one more occasion the market is overreacting.
Technical: We seeing support at $52 mark with a liquidity range just below at $48.5. This give a potential right-angled broadening formation. Typically this type of patterns have a 68% strike performance.
The purple and green lines are...
As you can see in these charts, social media giants have experienced a 20-46% correction in the past 2-4 months!
Now it seems they find their primary support level and may experience a 10% upward move in a short time.
Opening a long position at these levels seems low risk, however, privacy issues may cause lots of problems for these companies!
Looking at their...
Possible Scenario: LONG
Evidence: Price Action
Entry point: buy order : 53.60$ in case of pull-back, without pullback 54.20$ is buy signal
TP2 : 57$
Call options, Strike 56$, 11/05/2021, 100 contracts, cost 5600$, profit in target 1: 8k, in TP2: 13k
*This is my idea and could be wrong 100%
Snapchat is looking really bullish.
It has currently formed a descending wedge and has 2 gaps to fill that are both in a very similar position and to the upside.
We are also well below our previous trading range so I believe we should be back testing the support of that range as a new resistance in no time.
Will be looking to add a long position on the break of...
I played a few really inexpensive SNAP calls here at the end of the week. This post will either never be looked at ... or will go viral. It'll be an incredible watch if it does make either the 54 or the 56c levels.
$SNAP hitting a very big trendline support + blue zone support and RSI support!
I can count around 7 clear bounces off these support zones, chances are this will be the 8th!
stop loss 49 - price targets 62.2/69.4
LET GET IT!
-Not Financial Advice-