SNAP trade ideas
SNAP in a bear flag? Potential bearish flag forming on SNAP. Volume also declining on flag.
Keep on you radar
SNAP must hold the line!The bear flag hit our price target perfectly, so perhaps the worst is over.
Historically we've had some serious support at $49, so we should be able to stay above this level.
If we break the support level and then break down from the falling wedge, then we can expect to fall further toward the 200d MA.
If we stay within the falling wedge, we can remain bullish.
SNAPPretty sick price action lately for those watching it how I was. False breakdown of the black trendline to a false breakout of the blue trendline. Not surprised it got smacked hard today after all that. Probably goes lower.
SNAP -another chance to snap some upSNAP's trendline support is still valid. It bounced off this support on 8 March, swung up from 52 to 65 (forming a mini swing AB) before retracing almost all the way test near the trendline again today. After a scary start to the day (when SNAP was down more than 6%) , buying support came right near the trendline and recovered to form a bullish pin bar. It sure looked like SNAP's "supporters" have been eyeing to stake around this trendline!
Still bullish on SNAP as long as this trendline is not breached. Current stop loss will be 53.90, slightly below trendline.
Disclaimer: This is just my own analysis and opinion for discussion and is not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance. Thank you. Feel free to give me your thoughts ! :)
SNAP time to see how it reacts in the 55 areaCheck during the day an entry pattern in the 1H Chart
Target price: 70
Expected return: 25%
$SNAPThis is simply overvalued, it needs to come down to $27-ish. I might sound crazy but thats what the chart telling me. If the market decides to correct then, you know where to buy. Dont expect it to happen overnight but it will get there.
Trade Safe.
P.S. Let me know what you think.
SNAP 🌦Pattern recognized: Running flat Elliot Correction Wave.
Thesis: Bullish sentiment.
Conclusion: Look for fractal on the 5 min.
My strategy: MEWT (MODIFIED ELLIOT WAVE THEORY). Might do LEAPS.
***This does not constitute financial advice.***
SNAP Round UPSNAP is forming the last leg of its rounding formation, by looking at the hourly this could hit as early as the next 2 trading days. Its moving averages are acting as support and are starting to curve upward showing bullishness.
SNAP Wheel Strategy Short PutSnapchat is down 25% from its highs, and while it has bounced up a little bit from the highs, it still remains oversold. Now might be the right time to sell a put into weakness and collect premium.
Trade Idea:
Medium Risk: The 44 Put expiring 4/16 for $1 credit . It has a 81.5% Prob. OTM and if you do get assigned, your cost-basis per share will be $43 and it is a good place to own as you will be in the middle of the volume profile for the last 6 months meaning that you won't be buying at the top but at the same time the bottom.
Aggressive: The 47 Put expiring 4/16 for $1.5 credit . It is right below support and has a higher 75% Prob. OTM. While you have a higher chance of getting assigned with this one, considering the support level that hasn't been breached for months, you still have high odds of collecting the premium and not get assigned. Even if you do get assigned, your cost-basis per share will be $45.5.
For both of these trade ideas, if you believe in Snapchat's fundamentals, which are pretty modest, you can hold on to the stock and sell covered calls (70-80% OTM) and collect premium until you get assigned. Once you do get assigned, you can come back to selling cash-secured puts again.
$SNAP DAILYNice move on Friday and tons of call flow for 61 and 65.5 calls 3/19 exp. $SNAP above all moving averages now. If this breaks 66 level, all time highs coming.
Snap longLong position Snap:
Overall up-trend
After technical rebound from NDX, Snap broke through 38 and 20 moving average. Finally bounced of from 50 SMA.
Supports around 56 $, 51 $ and 48 $
Resistance at 64 $
Long SNAP as NASDAQ recoversStock has declined in lower volume. Great volume on big up days Feb 5 & Feb 24. It shows the sign of just having come down along with all tech.
Mutual fund ownership increased 19% from the previous quarter.
Great EPS an Revenue growth last two quarters.
Long @ 58.79, average of two buys during the day @ 58.43 & 59.16.
Looking at TWTR another strong stock in the same group.
SNAP Bounce Back?Snap shares fell down into an important buy zone recently, which means a bounce is likely. It is possible they fall down more to support at $48, but I think it will just build back up from here. Like and follow for more like this. Comment your thoughts and good luck!
$SNAP in and buy!It’s a previous bounce off the 100 day MA I love this play to hit $70 by 4/23. An April call here forsure. Good luck and trade safe
