SNAP - could be emerging from base
SNAP plunged 10.3% on 1st Feb after announcing yet another quarter of dismal results. However, what happened after that is interesting.
The stock began to recover steadily in the last 3 days on good volume, a stark contrast to the correction the general market was experiencing. This exhibits "hidden" strength / support for the stock.
There is a good chance it is going to test a critical neckline @ 12.94 in the coming days. Should it begin to break above this neckline and also the 200 day MA, then the odds are good then it has entered into a recovery phase.
Let's wait and see.
Disclaimer: Just my 2 cents and not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Take care and Good Luck!
The stock began to recover steadily in the last 3 days on good volume, a stark contrast to the correction the general market was experiencing. This exhibits "hidden" strength / support for the stock.
There is a good chance it is going to test a critical neckline @ 12.94 in the coming days. Should it begin to break above this neckline and also the 200 day MA, then the odds are good then it has entered into a recovery phase.
Let's wait and see.
Disclaimer: Just my 2 cents and not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Take care and Good Luck!
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