SNAP Testing Short-Term Resistance
Some technical ideas on Snap's recent movement:
Snap's price level is testing resistance at the 50 EMA around $23.00. This price zone acted as previous support throughout June and July. Additionally, the $23.00 zone represents a .23 fibonacci retracement from Snap's gap-up on April 21. A large amount of selling pressure occurred at the end of last week following Snap's earning announcement, which could resume depending on how Snap's price responds to the resistance @ $23.00.
If Snap's price can't confirm a breakout above the $23 resistance, I suspect that price will retest support around $20.00. I'm curious to see how much bullish volume Snap will see this week.
Comments are always appreciated!
Snap's price level is testing resistance at the 50 EMA around $23.00. This price zone acted as previous support throughout June and July. Additionally, the $23.00 zone represents a .23 fibonacci retracement from Snap's gap-up on April 21. A large amount of selling pressure occurred at the end of last week following Snap's earning announcement, which could resume depending on how Snap's price responds to the resistance @ $23.00.
If Snap's price can't confirm a breakout above the $23 resistance, I suspect that price will retest support around $20.00. I'm curious to see how much bullish volume Snap will see this week.
Comments are always appreciated!
Note
Resistance held just below $23 yesterday, and the price has bounced lower in this morning's trading. If Snap's price can close below this week's open ($22.33) it should set up a strong case for testing lower support.
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Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.