$SNAP just beat earnings although it was red for the day, I anticipate that this will rise in price as the demand increases for social platforms. Price closed on the 0.5 fib level or $61.30, that fib level is trusted, usually once price bounces off that it continues its upward trend. The price action here shows a red doji, imo that's actually another bullish indicator, looking at the size of that wick and where it closed shows a lot of buying pressure which means the bulls are definitely in this market. The price on the daily is above all EMAs, but not high enough to be considered overextended. The IV rank here is +/- 37.9% which is high, using IV rank in combination with the indicators (RSI, STOCHASTICS, SNIPER) $SNAP can really take off here.
Commentaire:
forgot to mention its in a bullish pennant lol