$SNAP Trend Rejected @ $65 Snapchat met heavy resistance yesterday at the 65$ level, will not take any positions.
1SNAP trade ideas
$SNAP Looking to Retest ATH As I updated a short while ago, snapchat did in fact break out of its trading range pushing near the $64 price level, and since then, had a healthy and expected pullback that found support on the top of the channel which is a bullish signal IMO. The price action in the next 2-3 trading days will determine if the market wants to take this higher back towards the $70 range which I believe will show strong momentum at the open tomorrow. I previously had a position in shares, but will instead be doing a multi-legged call position to maximize return. According to the price action in the morning tomorrow, positions I will most likely take are below. GLTA
6/25 $65 Calls
7/16 $65 Calls
7/16 $70 Calls
Not financial advice.
let's SNAP through that resistance line. No pun intended ;)All joking aside. SNAP is one of those stocks I am looking to go long this week. we can see a clear cup and handle, mulitiple attempts to break that resistance level and a clear pattern to be bulliish on this stock. I am confident SNAP will reach new ATH buy the end of this month or by the first week of july. I am getting an AUGUST 20 call if or in other words, when it breaks. You guys decide what strike price to get.
$SNAP Breakout
Snap expects its revenue to rise 81%-85% year over year in the second quarter, buoyed by an easy comparison to its slower ad sales during the start of the pandemic a year ago.
The Technicals are pointing to a breakout to all time highs out of this symmetrical triangle and inverse head & shoulder. A measured move from this pattern gives a target of 83.50 with an extended target of 94 on runners.
-Daniel Betancourt, OptionsSwing Analyst
SNAPReady for Swing?
- SNAP is at 64.10 resistance.
- It shows inverse head and shoulders
- Needs to consolidate before making a move
Suggestions: After consolidation or on confirmed breakout 2-3 weeks long 65$ call, If not a 50$ put
Snap ready for new highForming the bullish WW and now ready for new high or First target close to the trend line, Once break above the trend line, sky is the limit. shared the same view on twitter a week ago and SL was just saved at $56.
Cycles - Distribution PhaseFinished a massive uptrend (Green).
Is currently trading in between 64$ and 47$ which I believe is the start Distribution.
This phase can go on for months or years. Amazon has been in Distribution for a year now.
Only way to trade this is grab monthly contracts and trade between Resistance 64$ and support 47$. After Distribution phase a stock can then begin an uptrend or downtrend. A breakout or fall through above numbers will confirm the direction.
$SNAP Basing for a Long Entry Setup$SNAP has another OBV goodness in it. Even though the stock broke down of the most recent base, OBV held well above the previous OBV low (vertical line) indicating lack of institutional selling. Couple more days below that resistance line would get me very interested.
$SNAP Closed Trade - Rejected Resistance Level Closed position at $62 from $53 Entry. Price was rejected at the $64 resistance level, solid trade GLTA still holding.
Snapchat (SNAP) Looks Poised To Challenge All Time HighsSnapchat (SNAP) Looks Poised To Challenge All Time Highs
$SNAP Update, 65$ IncomingThis has been a really great snapchat trade, approaching my first 65$ price target in the near term, most likely sometime this week. Passing the 65$ level would then give me a second target near the ATH of 74$+. Obviously this cant go vertical to 74$, but look for some resistance near 68$ and then a bounce off 65$ as old resistance acts as support for the run in the 70's. If tech shows continued momentum, this easily goes to those levels.
