NYSE:SNAP short idea with the red rectangle as a target defined by the light blue YTD VWAP, the yellow/orange VWAP from the March low and the purple 200 DMA.
Also, note that the red area coincides with previous support and resistance levels.
Weekly chart of SHOP. How much longer can it go straight up?
Regarding SHOP. It has quite the run for a Canadian company.
It looks like a Hyperwave to me.
If it is a Hyperwave then we can expect a retrace to the orange Phase 3 line.
The green box is a level of interest using Fibonacci Extensions and Fib Retracement tools.
I adjusted this idea on the Daily chart.
Price has found resistance near the .382 fib level.
If we retest and break above then I expect price to hit the green rectangle level of interest between the 0.5 and 0.62 fib level.
The 50 DMA and 200 DMA are also levels of interest in this area.