Snap staged for a reversal?Snap has been trading mostly within a falling channel on the daily chart since Oct. 22. A falling channel is considered bearish until a stock breaks up from the upper descending trendline of the pattern.On Thursday, Snap was attempting to break up bullishly from the falling channel. If the stock does so, it will regain support at the 50-day simple moving average, which would mean longer-term sentiment has turned bullish. Snap began the trading day with an inside bar but quickly broke up above Wednesday’s highest price, which in Snap’s case caused the eight-day exponential moving average (EMA) to cross above the 21-day. Snap has resistance above at $43.26 and $47.92 and support below at $39.96 and $37.35.
