SNAP eyes on $11.75: major support that could mark "the bottom"

Updated

SNAP just got dumped on last earnings report.
It has since been testing a most important level.
Tight confluence of two Golden fibs marks the spot.

$ 11.72-11.76 is the exact zone to be held.
$ 13.16-13.35 will be first serious resistance.
$ 15.99-16.29 would make a nice final target.

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Note

Bottom in?

Or at least found a clean support

Zoom in (m5)

Perfect Ping on Genesis fib at $10.09,
then a break of Covid fib at $10.37.

Just above we have another such couple

Now we can expect some consolidation,
hopefully in the range of $10.09 - $10.90.

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Note

Nice lift off bottom, right up into our major goldens

Zoom in (m5)

Nice stair-stepping up the fibs,
right into a Ping off a Golden Covid (dashed) fib that reinforces the Genesis fib (thick).

NEXT:
Expecting some pullback here from double goldens,
but likely to break and retrace some of the earnings drop.

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Note

BOOM

What a difference a quarter makes!
Earnings bounce it back to our target.

.

Zoom in (m3)

Pings on both boundaries of our zone,
lower line is a Golden Genesis at $15.99
upper line is a Covid Stimulus fib at $16.29.

This is a pretty serious resistasnce,
so we might pullback a bit from here,
or at least orbit this zone for a while.

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EuroMotif

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