Snap Inc (SNAP)

[DMOST]

SNAP-IT!

CHARTING.....

Snap Worst Case Off the Table After Bounce (SNAP)

"....Fortunately for bulls, the worst-case scenario has come off the table with constructive price action since that ugly session, buoyed by reports that hedge funds used the decline to increase their long positions. Of course, it takes more than dip buyers to build a sustained uptrend after a technical breakdown, but recent developments mark a good first step toward a longer-term recovery....."





".....The May 10 release triggered a vertical decline that started within a few cents of resistance at the IPO print and carried more than 6-points. It bottomed out in the first hour on May 11 ahead of a recovery wave that stalled at the 50% retracement and alignment between the 50- and 200-bar EMAs. Two subsequent tests at that resistance level failed to yield a breakout, but price action has been constructive, holding close to that level rather than yielding to lower prices.
The stock has also been glued to round number 20 during options expiration week, which may be generating support that vanishes once this monthly exercise is over on Monday May 22. Mark that date on your calendar because price action out of the gate could signal short-term direction, with a breakout that heads into the .618 Fibonacci retracement level at $21.50 or rolls over into a test at the downtrend low in the upper teens.

The Bottom Line

Snap is trading above $20 after hitting an all-time low at $17.59 after last week’s poorly received earnings report. A rollover at this level needs to hold in the vicinity of the March low at $18.90 to build a secondary recovery wave that fills the big gap and bring resistance at $24 into play."

http://www.investopedia.com/news/snap-worst-case-table-after-bounce-snap/?partner=YahooSA&yptr=yahoo

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