Snap Inc (SNAP)

[georgie18]

It is all a matter of perspective...you see a downtrend and I look at a convincing chart that says this is an opportunity to buy...I am buying anything under $16.39...there are 2 gap downs that from a technical aspect must fill and no matter what anybody says gaps fill 99.9% of the time...especially a gap down...I am not guessing here because some traders that love a great short have shorted this down...I am a technical trader and this is a classic ipo chart where the young herd rushes in because they have to own SNAP and forget about all valuations...then they panic and sell because it is not $100 yet...the bears come in and help them by stealing their shares by forcing the short...This is exactly the reason chart guys like me wait 6 months to buy...same thing we did with Facebook...watch what happens as this chart pinches even tighter as it is grossly oversold...just a slight leak of great news and we fill both the gap downs and are at $25 faster then a blink...Charts are built on traders emotions and you can only emote a negative position for so long...We are getting very close here as the Psar is quickly heading south and ready to flip to a bullish buy position...

BTW...Don't care about the end of the week or the month...I care about the 3 month cycle...You enjoy and have a great day...