Snapchat Volatility Squeeze Setup
- Snap has broken above all major daily, weekly, and monthly moving averages with the exception of the 20month which is about 75% higher than the current price.
- The Bollinger Band Bandwidth is at a 19-month low which is a precursor to a volatility squeeze.
- Accumulation/Distribution and On Balance Volume suggest upside breakout of current June sideways range.
This is a fairly risky swing trade with the Q2 report in a few weeks so I’ll keep an eye on the price action for a possible day trade entry and may hang on to some shares overnight and beyond depending on how things go. Call options may be appropriate here.
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