4SNAP trade ideas
SNAP - 18.81% Potential Profit - Descending TriangleThis will most likely be a short-term play.
Descending Triangle formed after a 4-month rally. Resistance confirmed multiple times yesterday on the 5-min chart.
We have two targets, set at a new potential support line.
- 1-Month Downtrend
- RSI and STOCH below 50
- MACD below Signal
Suggested Entry $20.69
Suggested Stop Loss $21.25
Target price $19.61 + $16.55
Note that I tend to adjust stop losses in order to secure profits early and preserve capital. This means that the target price is going to be achieved as long as there are no strong pullbacks that trigger my new adjusted stop loss.
SNAP to $24-26SNAP just bounced off a nice support line of $20.66 created a channel at $22.33, retested 20.66 and bounced off. That is a strong indication of a reversal back to the upside. I would like to see SNAP really pull away from the small bearish flag that could be developing. If that happens we can easily see $24.05 which is a resistance line. Once broken, we have resistance at $26.73 and ATH at $28.23. Failing to break this bear flag could send SNAP back down to $19
SNAP bounce off support, possible break through resistanceBouncing off support nicely...possible break through resistance at around 24-25
Stop loss : 20.5
(not financial advice)
SNAP updatewe cashed out half our long position in SNAP and kept a half for a possible upside. i was going to close the remaining position but checking the chart - it seems i'll hold for now. here's why.
- this week started bad for SNAP with a relatively big drop, the good news is, there was no follow thru from sellers and bulls took over the rest of the week with 4 positive (UTO barscore) days
- also on the daily chart, SNAP is attempting to breach out of the declining channel and trade within a range - a good sign that can point to a possible breakout if we get enough demand coming in.
- the weekly chart shows an end of a distribution cycle, and a possible return to demand mode. it is possible to expect a similar breakout to what happened in November 2019 (see weekly chart)
Price projection:
i don't have a target in mind at this time - maybe in the next update. the current decision based on this week's analysis is to hold instead of completely closing - i'll be happy if we get to the IPO level and see what happens next.
$SNAP Potential Bull-Flag Breakout
Possible Bullflag break imminent.
RSi seems to have bottomed and in reversal.
MACD bullish cross.
Volume increasing.
Potential targets short term $23.00 - $24.50
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SNAP ReAccumulation?SNAP has had an incredible run into earnings and obviously profits have been taken off the table. It is trading below the pivot range for August and has been sold pretty heavily at previous Month's Close price. With a Key LVN arounf 20.30. and a narrow developing pivot range for September I'm watching for a failed new low into the LVN as a possible long candidate. There are 130000 OI contacts in 21C 16 OCT 20 I'm watching for an accumulation zone which may explain the narrow range around 21 in the common.
No trade yet. Lets watch for an entry.
SNAP INC. buy signals on W1.SNAP, weekly timeframe: Mirror level + Hammer + 4th week of holding + Nice discount
SNAP - bullish 5th waveI've posted a few ideas on this stock that have turned out ok (eventually). Does it have another leg up to coincide with a Nasdaq 5th wave too?
SNAP Short Idea $SNAPNYSE:SNAP short idea with the red rectangle as a target defined by the light blue YTD VWAP, the yellow/orange VWAP from the March low and the purple 200 DMA.
Also, note that the red area coincides with previous support and resistance levels.
$SNAP Reversal Trade $24.50 target
Snap has found support on a historical pivot point after a 25% decline from highs.
Potential entry above $22.00
Stop loss below recent lows cuts risk
SNAP good chance of breaking above 20MAHoping for some momentum up to at least 24. Weekly chart looks good too.
