$SNAP Channel Support Long $SNAP Channel Support Long
$SNAP has formed channel up & is testing lower band of channel. If support holds, go long for retest of highs at $26.50.
One of my favorite basic strategies is relative performance. $SNAP has been a clear standout since September 3rd (first day of correction) - $QQQ is down over 12% while $SNAP is up over 3% (and at one point up 10%). In this sense I am looking for continued strength from $SNAP as an ex-index play - countertrend plays that are not trending with overall market.
BTO $SNAP 10/16 $25c avg $.85