Past trend line(red broken line) and 200ma(thick red) will be tested soon enough if SNAP keeps up its bullishness.
When tested expect a pullback from these levels back towards $12.50 - $13ish range making for a nice short term short play. Expect a few days of consolidation at these highs and if you do play short here have a stop loss above that 200ma/resistance...
Keeping it simple, chart pretty well sums my thoughts.
I figure it will do one of 2 things as of now....either bounce off that major daily support its at now, consolidate before crashing through towards 6k, or possibly break and hold below that support, retest it as resistance before a big crash
We shall see.
This is why i like 4hr because its nice and slow and...
15 min symmetrical triangle taken as continuation pattern (down) but may break bullish before topping and rolling over as seen with most triangles(see previous). Could break bearish and head to the major support a 6600 offering a nice short term buy oppurtunity with a stop loss below the 6600 level. Either way a break is coming either direction.
NOTE: This is the Renko style chart. Have a look at time. I like using this chart style for the simplicity of it to show this analysis.
As you can see, it made a triple bottom and its now at a crucial point of make it or break it. Price is approaching 200ma and resistance trend line. If we can break this I believe it will be the start to a new uptrend. Resistance...
Happy to answer questions in the comments
In yesterdays analysis of MU i did on the 1hr, I stated that a bounce may be on way as prices held above the 50% retracement from the last bull move, as well as the trend squeeze indicator began showing warning signs of a reversal. Today a clear break of the down trend line has occurred which is what i was waiting for...
Title pretty well sums up this idea.
BABA currently has formed a wedge down around previous areas its bounced. If you dont know what a wedge down pattern is, search it
Would like to see some green days before going long. Keep in mind, it has not showed signs of breaking its current downtrend yet on the hourly, and may very well continue to go down. However,...
Hourly bounced off 50% retracement from its previous bull move. Trend squeeze indicator is now showing multiple yellow warning candles. 200ma still up.
Watching for break of red down trendlines for better confirmation. As is, still bearish, but may be do for a short squeeze.
Daily starting to turn green