SNAP price fell about 35% last week over earnings report. However this is just one more occasion the market is overreacting. Technical: We seeing support at $52 mark with a liquidity range just below at $48.5. This give a potential right-angled broadening formation. Typically this type of patterns have a 68% strike performance.
The purple and green lines are the possible path the market/price could move/ take.
Action: Buy first lot at $52.4. if the market is gracious enough to give 48.5 .. buy a second lot
your first TP should be anywhere the price touches the red trendline (60.4- 63.6)
Goodluck!!
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.