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SNAP trade ideas

SNAP bull flag breaking outNYSE:SNAP breaking out here. A close above the upper trend line with above average volume is confirmation. Target $50. SL would be the trend line None of the content published constitutes a recommendation that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person. Information provided in this correspondence is intended solely for informational purposes and is in no way guaranteed. For financial advise seek appropriate investment advice from a licensed Industry representative.
NYSE:SNAPLong
by Mullamaker
SNAP PredictionSince the election is less than a week away & uncertainty continues to grow due to COVID, I believe SNAP will have no choice but to pullback & fill the gap from earnings last week. Not only is it extremely overvalued, but I don't see it as a good hedge against a possible market correction in the near-term future. The only thing holding it between this 40-42 level, in my opinion, is the overconfidence of investors in the social media sector, however, volume has been steadily decreasing this past week. Another possible reason it's been holding up against a bearish market could be some form of manipulation, but I'm not sure. Heavy open interest with Oct. 30 call & put options is sitting between this key level as well, so that could be a reason for manipulation to eat away at premiums, but of course this is just me speculating. Other than lowered volume, major overextension on the RSI, crossing below VWAP, crossing below EMA20 this morning, & no actual support anywhere near the current valuation, I don't see any technicals pointing toward it becoming bullish. Let me know your thoughts.
NYSE:SNAPShort
by r1chAl
7
What goes up, must come down - SNAPSnap had the most epic run up last week surpassing 40%. They reported an increase of 18% in active users from a year ago and a 12% decrease in net losses. While all fun it is now time time to scale out because of the earning reports this week. Social media giants including Facebook, Twitter and Pinterest are all anticipating a growth in active user engagement thanks to worldwide lockdowns. Snap stayed focused even when instagram stories was released. I am impressed with its evolving media platform and excited to see what Evan Spiegel will release next.
NYSE:SNAP
by JustinLev
4