Wait for the breakout then buy on pullback. Chart looks clean and easy. Make your own decision
This is my theory. Educational idea.
Why do I believe this could be a Bull Trap? If you look at the previous times SNAP reached this level (upper border of the wedge), always got rejected and could not close above the upper border of the wedge! In the past 5 days price climbing up but the volume dropping! Makes it a good case for short! The only problem is Max Pain: 58-59 for this and next week!
With Snapchat having a selloff the previous day, I thought it was a healthy pullback after having nearly a 13% move in a few days, the top of the channel has acted as support and more buyers have entered which will push this higher to $65-$70 level, path of least resistance. Working out amazingly!
Snapchat cleared through its channel range the other day, topping nearly $61, a pullback today seems healthy with an almost 7% move the previous day. What I am looking for next is some support on top of this ascending triangle, if price can hold above approximately $58.50 for the week, I think it will give traders yet another opportunity to enter for a move...
Really nice set up on here on SNAP. You have a triangle pattern on the daily with a nice bounce off the lows. Upper trendline meets the golden pocket retracement. Low risk entry here with a potential move up to the $60-62 range, with a clear stop on a break of the lower trendline around $51.
Snap approaching a bit of a sell-off this off Confirmation: -Rejection off the 50 MA (red) -Hit top off downward channel Enter: $57.15
I expect a bear regression trend, following up with some ne bull opportunities. Let´s be patient, there might be come the next run. Key levels are 50$ then 44$ _________________________________________________________________________________________ See my profile to follow us on Twitter and Tradingview Check out some tools for full and part-time trading on our...
this is not a recommendation to buy or sell securities
Up or down still trading in range... as it dips I would buy. No analysis just what I see.
SNAP has been trading inside the blue triangle for several months now. Marked on the chart are a few support zones which could serve as resistance in the short term. I'm watching for a retest of ~$58 after SNAP's selloff today. The market reaction across the board today seems to have been fueled by Janet Yellen's comments this morning on increasing interest rates....
SNAP is bouncing around an ascending triangle in the daily, 4 hour, and 1 hour timeframes. There is a good amount of green volume on the daily, which makes me believe their is a good chance of a break out within the coming days/week. According to the resistance on VPVR, if SNAP can break around the 62.50-63.00, it could reach All Time Highs once again.
Snapchat parent company Snap Inc (NYSE:SNAP) showed strength in its advertising revenue in the first quarter. Analysts saw many positives from the quarterly earnings report. Snap's first quarter checked all three boxes of revenue, users and EBITDA that Nowak was watching. Snap’s advertiser base nearly doubled year-over-year in the first quarter. Up-front...