Double Bottom on SNAP @ 12.69 (yellow line)
I currently have fib retracement drawn on the hourly chart from Feb's highs. SNAP has retraced ~50% (currently below).
SNAP has formed a double bottom before creating a bullish englufing pattern (4/16 -- 3:30) before ending the day with a weak red candle stick (lots of volume and very little price action). We see price flirting around the PIVOT LINE @ 12.93 making this my support line -- bouncing twice on 4/17 1030am and 230pm.
SNAP's uptrend (blue bottom line) stays in tact.
Because SNAP earnings is coming up Tuesday after close, I believe SNAP can either hit 16.33 on positive average revenue per user (as more and more people are using more social media platform as a form of distraction during quarantine times OR plummet back to 10.54 considering snap's chunk of revenue derive from ads and during times like now, companies would be reluctant to increase ad spending as they are trying to cut costs across the board...
I am planning to take calls above 13.47 (.50 on the fib retracement tool) or puts below 12.43
Please drop any additional info or insight!! Anything is welcomed! GOOD TRADING!
SNAP has formed a double bottom before creating a bullish englufing pattern (4/16 -- 3:30) before ending the day with a weak red candle stick (lots of volume and very little price action). We see price flirting around the PIVOT LINE @ 12.93 making this my support line -- bouncing twice on 4/17 1030am and 230pm.
SNAP's uptrend (blue bottom line) stays in tact.
Because SNAP earnings is coming up Tuesday after close, I believe SNAP can either hit 16.33 on positive average revenue per user (as more and more people are using more social media platform as a form of distraction during quarantine times OR plummet back to 10.54 considering snap's chunk of revenue derive from ads and during times like now, companies would be reluctant to increase ad spending as they are trying to cut costs across the board...
I am planning to take calls above 13.47 (.50 on the fib retracement tool) or puts below 12.43
Please drop any additional info or insight!! Anything is welcomed! GOOD TRADING!
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