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SNAP trade ideas

SNAP: How to proceed in this post-earnings?Hello traders and investors! Thanks to the earnings report , SNAP is flying today. But how to proceed when this happens? Is it time to buy, to sell, to go short, or just do nothing? The charts will give us an answer. If you are in SNAP, I always advise to book at least half of your profits in a day like today, just in case, and then set a technical stop-gain . On SNAP, the technical stop-gain is below the $ 73.59, as this point was the previous All-Time High, and it is supposed to work as a support in the future. In the next week I would just set a trailing stop-gain under the previous day’s low. If SNAP keeps going up, that’s great. If it drops, then ok, time to exit. Is there any chance that it’ll fill this gap? Yes, but I find this unlikely, at least for now. This is a Breakaway Gap enhanced by the earnings report, and SNAP did a breakout from the ATH by doing this gap (I like to call this Monster Gap ). The last time this happened on SNAP the momentum was so strong that it prevented even a pullback. Let’s remind SNAP on October 2020: What could happen on SNAP right now, if it can’t keep pushing up, is a sideways correction , until the 21 ema catches up with the price again in a few weeks, to offer us a new support level on SNAP. If I were out and wanted to buy SNAP, I wouldn’t count on a pullback, but I would wait for it to cool down a little bit more, and for the Risk/Reward ratio to make sense again. If I buy right now, it would feel like I would be buying from someone who bought at the last dip, and will use me to book profits. Eventually, the 21 ema will get closer to the price, and we’ll see a good opportunity then. For now, as someone who’s out, I’ll just stay out. There are many more interesting stocks around. Remember to follow me to keep in touch with my daily studies, and if you liked this idea, please, support it! Have a good weekend!
Editors' picks
NYSE:SNAP
by Nathan_The_Finance_Hydra
23
Snapchat - Great Earnings!-CEO points to highest revenue and user growth rates in four years -Snap Inc. saw revenue more than double in the latest quarter, easily topping expectations amid a continued rebound in the advertising market. -Shares were up 18% in after-hours trading after the company posted second-quarter revenue of $982 million, up from $454 million a year earlier and vastly ahead of the $846 million that analysts tracked by FactSet had been projecting. -The social-media company added 13 million daily average users sequentially in the period, bringing its total to 293 million. The FactSet consensus called for 10 million net additions. -Snap SNAP, 21.68% cut its losses in half, posting a net loss of $151.6 million, or 10 cents a share, compared with a loss of $326.0 million, or 23 cents a share, a year earlier. -After adjusting for stock-based compensation and other expenses, Snap surprised with positive earnings per share of 10 cents, whereas it posted a 9-cent loss per share a year earlier. Analysts tracked by FactSet were expecting a 1-cent adjusted loss per share. -“Our second-quarter results reflect the broad-based strength of our business, as we grew both revenue and daily active users at the highest rates we have achieved in the past four years,” Chief Executive Evan Spiegel said in a statement.
NYSE:SNAPLong
by caldooninvestment
18
Consolidation , Short at market openingIf this gets over 73.59 , that will be the start of a ATH and a new uptrend. After just 3 months of consolidation i doubt it will do that. Same thing happen back With apple and Amazon at there last earnings back in May. Amazon was up 80$ premarket which put it at the top of consolidation, at the end of the day Amazon finish -70$. Im not saying this +9$ premarket goes Red , im saying that it will not hit a new high and will lose a significant chunk of its earnings. First target fib support 67.53 If this gets and holds over to 74$ Negate Lets see
NYSE:SNAPShort
by ContraryTrader
1