Snap Inc.Short
SNAP 2/21/2022
Updated
SNAP
One of the Covid champions.
Since debuting in 2017, SNAP moved sideways and did a whole lot of nothing.
That was until covid hit.
Price started an uptrend June 2020 where it saw price climb from 19.00 to 79.00 by July. 2021
Price then started to move sideway between 70-79 during July thru 0ct. 2021
Then SNAP was dumped. Price gapped down to 55.00 Oct. 2021 and its been in a downtrend since.
A death cross of 50 and 200 ema occurred further confirming the bearish market.
Price continued to move lower until it reached 28.00
Currently, price has pulled back to 50 ema. Where in the past week we have seen an inverted hammer.
This current pullback is also to fib level 0.50. This is my cue to enter.
Entering trade short
Entry: 38.01
Stop loss: 42.43
Target: 28.44 – 25.14% RR ratio 2.15
One of the Covid champions.
Since debuting in 2017, SNAP moved sideways and did a whole lot of nothing.
That was until covid hit.
Price started an uptrend June 2020 where it saw price climb from 19.00 to 79.00 by July. 2021
Price then started to move sideway between 70-79 during July thru 0ct. 2021
Then SNAP was dumped. Price gapped down to 55.00 Oct. 2021 and its been in a downtrend since.
A death cross of 50 and 200 ema occurred further confirming the bearish market.
Price continued to move lower until it reached 28.00
Currently, price has pulled back to 50 ema. Where in the past week we have seen an inverted hammer.
This current pullback is also to fib level 0.50. This is my cue to enter.
Entering trade short
Entry: 38.01
Stop loss: 42.43
Target: 28.44 – 25.14% RR ratio 2.15
Trade closed: target reached
Closed @ 28.44. +25.14% RR ratio 2.15
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