SNAP trade ideas
Swing trade ideaPotential breakout here, the target could be around $84 as per Fibonacci trend extension. we need to break out of the pennant ($65 -$66 level) for confirmation.
Call options ( $65 - $70 strikes ) might be a good option as well.
Please note:
- I'm just sharing my view. its not a recommendation for buying or selling.
High basing Pattern in SnapSnap is an expensive growth stock. It’s the kind of name investors have mostly avoided this year, although recent weeks have seen a shift back to such companies.
This chart highlights SNAP’s last four months of consolidation. It isn’t exactly a cup and handle, but there are important similarities: It’s a high basing pattern well above old highs. There’s no single punctuated drop but a gradual fading as momentum slows, followed by incrementally higher lows. The social-media stock is also forming a tight range on the right side, suggesting a breakout may be imminent.
The key line in the sand may be around $64. Prices have challenged that level several times on an intraday basis without a decisive close above it.
There’s also potential support to the downside, with SNAP holding its 50- and 100-day simple moving averages (SMAs).
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My View on SNAPSnap is trading in the uptrend and do consolidation on the weekly chart.
This company is very good to buy and hold. My prediction based on technical analysis, I believe SNAP would reach $100 in the next 12 months.
SNAP is trading at $60 after breakout the trendline. It would backtest the strong support level at $56, then go to $73 in the short-term as the previous ATH.
Therefore, my entry is $54 - $56 range, if the price action is a bullish candle in the daily chart.
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This is not financial advice. I'm not a Financial Advisor.
Trading is a high risk, do your own DD.
Let me know what you think
Cheers, I would share all my thought next time.
PEACE.
$SNAP Looking to Retest ATH As I updated a short while ago, snapchat did in fact break out of its trading range pushing near the $64 price level, and since then, had a healthy and expected pullback that found support on the top of the channel which is a bullish signal IMO. The price action in the next 2-3 trading days will determine if the market wants to take this higher back towards the $70 range which I believe will show strong momentum at the open tomorrow. I previously had a position in shares, but will instead be doing a multi-legged call position to maximize return. According to the price action in the morning tomorrow, positions I will most likely take are below. GLTA
6/25 $65 Calls
7/16 $65 Calls
7/16 $70 Calls
Not financial advice.
let's SNAP through that resistance line. No pun intended ;)All joking aside. SNAP is one of those stocks I am looking to go long this week. we can see a clear cup and handle, mulitiple attempts to break that resistance level and a clear pattern to be bulliish on this stock. I am confident SNAP will reach new ATH buy the end of this month or by the first week of july. I am getting an AUGUST 20 call if or in other words, when it breaks. You guys decide what strike price to get.
$SNAP Breakout
Snap expects its revenue to rise 81%-85% year over year in the second quarter, buoyed by an easy comparison to its slower ad sales during the start of the pandemic a year ago.
The Technicals are pointing to a breakout to all time highs out of this symmetrical triangle and inverse head & shoulder. A measured move from this pattern gives a target of 83.50 with an extended target of 94 on runners.
-Daniel Betancourt, OptionsSwing Analyst
