Snap Inc.Short
SNAP 9/29/2022
Updated
SNAP
Daily chart Analysis
Snapped!
Last year Sept.’21, SNAP topped at 83.00
Fast forward to Sept.’22, price is sitting at 10.19! -87.72% drop.
All the Covid gains lost and then some.
SNAP is currently in a downtrend under both the 200 and 50 EMAs
So far when its consolidated, its respected the 50ema.
Once price was done consolidating and breaks out to continue it downtrend, the moves are strong and violent respecting the 20ema.
Between May’22 thru Jul’22, price consolidated above support area of 12.75.
It violently broke thru support on a -40% drop.
After the drop, price found support at 10.00 area and bounced. It has now bounced twice off previous support area at 12.75 to turn previous support to Resistance.
We now have what looks to be a Double top pattern with neckline support at 10.00. We need break of Neckline to confirm pattern.
At neckline support, we have the build-up of several small daily candlesticks. These small candlesticks represent little momentum. When the momentum expands, the candle sticks will increase in size and break thru neckline support.
The build-up is also under the 20ema, which was the EMA price has resected when breaking out and continuing Downtrend.
If price does not break above the 20 ema, the bounce off 20ema will provide the pressure we need to expand momentum.
The build-up represents a great place to enter trade short. Expecting price to reach pre-covid bottom price of 8.00
Entering trade short.
Entry: 10.19
Stop loss: 11.34 or close above 20ema
Target: 8.10, +20.51, 1.82 RR rato
Gotta thanks to the lord Jesus Christ
Daily chart Analysis
Snapped!
Last year Sept.’21, SNAP topped at 83.00
Fast forward to Sept.’22, price is sitting at 10.19! -87.72% drop.
All the Covid gains lost and then some.
SNAP is currently in a downtrend under both the 200 and 50 EMAs
So far when its consolidated, its respected the 50ema.
Once price was done consolidating and breaks out to continue it downtrend, the moves are strong and violent respecting the 20ema.
Between May’22 thru Jul’22, price consolidated above support area of 12.75.
It violently broke thru support on a -40% drop.
After the drop, price found support at 10.00 area and bounced. It has now bounced twice off previous support area at 12.75 to turn previous support to Resistance.
We now have what looks to be a Double top pattern with neckline support at 10.00. We need break of Neckline to confirm pattern.
At neckline support, we have the build-up of several small daily candlesticks. These small candlesticks represent little momentum. When the momentum expands, the candle sticks will increase in size and break thru neckline support.
The build-up is also under the 20ema, which was the EMA price has resected when breaking out and continuing Downtrend.
If price does not break above the 20 ema, the bounce off 20ema will provide the pressure we need to expand momentum.
The build-up represents a great place to enter trade short. Expecting price to reach pre-covid bottom price of 8.00
Entering trade short.
Entry: 10.19
Stop loss: 11.34 or close above 20ema
Target: 8.10, +20.51, 1.82 RR rato
Gotta thanks to the lord Jesus Christ
Trade active
trade still activeNote
aftermarket. BoomTrade closed: target reached
7.63, +25.12%, 2.23 RR ratiothis was a great one.
All credit and thanks to the lord Jesus Christ
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