SNAP trade ideas
$SNAP Channel PullbackSnap coming into a confluence of 3 support levels:
1) 50 MA
2) 3 month channel support
3) Short term horizontal support
That said, and if you have been watching my setups for a while, I buy strength not weakness. But for folks who's style is buying weakness, here is a setup for you.
$snap ULTIMATE SNAP Chart I see a hard bounce coming here soon for a right shoulder forming looks like its losing momentum, if it cant break that key level it should go down maybe for a possibility of a gap fill for wave 4 which will be nasty... if not over that break with strong volume and momentum then next target should be around 60 bucks i am loving this and i will keeping it on high watch.
SNAP ShortSnap is going to sell off due to a reduction in its own customer base, they will make less revenue for at least the next 2 years until they can recoup their losses.
I plan to short SNAP at 49.50 and if it rises to 52.50 I will double down, max loss at 54.
I will double down at 47, and sell half at 46, re-add at 45, sell again at 44, re-add at 43, and sell at 42.
I created a predictive outline of how I think it will trend.
This stock will continue lower as all previous fundamentals are now NULL AND VOID.
Fell Below Support Snapchat has fallen below its support level as indicated by the Kurotoga Cloud. Last time this happened on the 30min it only stayed in a downward cycle for 1 day before breaking through resistance. We are almost guaranteed that SNAP will continue to fall tomorrow but not as steep as today. Based on candlestick analysis I do not see Snapchat going any lower than 51.10 tomorrow.
That may not be the case if something beyond the technicals drive the price and cause SNAP to rise.
Stay tuned for trade activity and follow for more predictions.
OverboughtSnapchat is overbought in the short term and indicators are showing a steep decline.
First: MACD shows weakening bullish divergence
Second: D+ shows high levels of bearish divergence
Third: RSI is 71.62 indicating that the stock is overbought
Fourth: Candle bodies are getting smaller as price increases showing that bullish volume is decreasing as price increase, and in order for bullish volume to increase, price needs to decrease.
Think of SNAP needing a mini correction. I believe we will see this correction during the second half of the week.
Comment your thoughts below! Leave a like if you agree and make sure to follow
SNAP/TWTRJust a chart comparing SNAP & TWTR. Tide started turning in 2019 & never looked back. Long SNAP but not necessarily short TWTR.
SNAP to 60+?Beautiful bull flag intraday today leaving it at the top of previous resistance. nicely defined trend channel; has been able to avoid most of the social network pr mess. wouldn't be surprised to see this run to 60 in the next week or two.
SNAP - swinging within channel A good candidate for swing trading (until the channel is broken). :)
Disclaimer: This is just my own analysis and opinion for discussion and is not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance. Thank you. Feel free to give me your thoughts ! :)
$snap - bull flagging on dailywe could revisit the 61.8% fib once more before a bounce to the 100% fib levels and then a test for ATH
SNAP, Breakout PlayNYSE:SNAP keep testing its resistance area. If break 53.9* area and stay close above it. It will be a buying opportunity in that case. Measure move target will be 63. in that case.
$SNAP resisted at the bottom of the channel looks ready for another push 52.5, 53.8 , 56, 60 after bottom of the channel held forming lower high. 49.8 would be stop loss
