SNAP Testing Short-Term Resistance
Updated
Some technical ideas on Snap's recent movement:
Snap's price level is testing resistance at the 50 EMA around $23.00. This price zone acted as previous support throughout June and July. Additionally, the $23.00 zone represents a .23 fibonacci retracement from Snap's gap-up on April 21. A large amount of selling pressure occurred at the end of last week following Snap's earning announcement, which could resume depending on how Snap's price responds to the resistance @ $23.00.
If Snap's price can't confirm a breakout above the $23 resistance, I suspect that price will retest support around $20.00. I'm curious to see how much bullish volume Snap will see this week.
Comments are always appreciated!
Snap's price level is testing resistance at the 50 EMA around $23.00. This price zone acted as previous support throughout June and July. Additionally, the $23.00 zone represents a .23 fibonacci retracement from Snap's gap-up on April 21. A large amount of selling pressure occurred at the end of last week following Snap's earning announcement, which could resume depending on how Snap's price responds to the resistance @ $23.00.
If Snap's price can't confirm a breakout above the $23 resistance, I suspect that price will retest support around $20.00. I'm curious to see how much bullish volume Snap will see this week.
Comments are always appreciated!
Note
Resistance held just below $23 yesterday, and the price has bounced lower in this morning's trading. If Snap's price can close below this week's open ($22.33) it should set up a strong case for testing lower support.
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