We have a clear double top with declining volume on the second top. While this is happening we have a bearish divergence with the RSI indicator. Even with being conservative & stating that the neckline was broken around $15 we still get a minimum price target of $11.49 which I moved up slightly to $11.60 where there are some previous support/resistance levels.
I should note that SNAP just had earnings & received a couple of upgrades today from JP Morgan & Needham. Not to mention they had an upgrade a few days ago, prior to earnings, from Bank of America/Merrill Lynch. Always risky with earnings/upgrades but the pattern is the pattern.
I should note that SNAP just had earnings & received a couple of upgrades today from JP Morgan & Needham. Not to mention they had an upgrade a few days ago, prior to earnings, from Bank of America/Merrill Lynch. Always risky with earnings/upgrades but the pattern is the pattern.
Nota
SNAP is in an overbought condition, maybe a good time to be looking to short the name again.
Penafian
Maklumat dan penerbitan adalah tidak bertujuan, dan tidak membentuk, nasihat atau cadangan kewangan, pelaburan, dagangan atau jenis lain yang diberikan atau disahkan oleh TradingView. Baca lebih dalam Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak bertujuan, dan tidak membentuk, nasihat atau cadangan kewangan, pelaburan, dagangan atau jenis lain yang diberikan atau disahkan oleh TradingView. Baca lebih dalam Terma Penggunaan.