Ready for Swing?
- SNAP is at 64.10 resistance.
- It shows inverse head and shoulders
- Needs to consolidate before making a move
Suggestions: After consolidation or on confirmed breakout 2-3 weeks long 65$ call, If not a 50$ put
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.
I wish I caught this easy play last week but IMO its not too late at all!
SNAP is following this descending triangle and SNAP bounced off the trendline which is pushing it on its way down back to daily demand, which is between $51-49.
I would consider this before going long on SNAP and maybe also consider scooping long plays off of demand when it gets there.
Snap has been under the control of bears since past 2 weeks, it has dropped by approx. 30 percent in recent sell off. I am very bullish on snap. It has shown good revenues and is one of the greatest competitor of Facebook. It is now sitting on a very strong support. It is a weekly support as well.
I believe that this is a very good entry point, or if a better safe...
$SNAP 2HR.... Watching for price to reclaim uptrend channel and a possible reversal to retest ATH, could see a possible move to 65 and if volume is low we could see a sell off and back to previous lows, possible double bottom at 51.38 under that strong demand near 48.20... if we break that I'm seeing an overall move to my wave c target at 43. Now if we see higher...
See old reports on this.
The blue one (3) tends to the end in the higher-level picture.
Be careful and take partial profits with you if needed.
But the wave (5) should reach the +60 USD.
Greeting from Hannover
Waiting to add more to my long position when snap touches the gap area. MACD and two red candles are showing bearish sentiment for the short-term but it's holding 20MA also which is only bullish sign. Potential target could be 43-44