SNAP trade ideas
SNAP PT $28 or $19Market likes to create symmetry. Depending on which wave you think we are on, SNAP should either be making its way up to $28 or heading down to around $19 which is a major level of support. waiting for market action is a crucial part of this. For some reason, I anticipate this to not be the end of this insane run up before we crash.
snap heading to ATH?After the recent upgrades to this stock, and looking at it from a technical side snap is closing in on an important level after its close yesterday. If it can break out here Snap can very well head to a new ATH. I bought into this trade yesterday with itm calls of 25 strikes and some 26 which had a decent amount of volume expiring on 10/16 .
SNAP overextended after rally today, target 22-23.5SNAP had a great run today, but made higher high with a lower MACD, potential sign of an imminent correction. History usually repeats itself in the markets, we had a similar patter a couple weeks ago with a failing MACD and rising share price, and then witnessed a 8% correction, so watching this stock closely in anticipation of the drop to potentially get some upside.
$SNAP Channel Support Long $SNAP Channel Support Long
$SNAP has formed channel up & is testing lower band of channel. If support holds, go long for retest of highs at $26.50.
One of my favorite basic strategies is relative performance. $SNAP has been a clear standout since September 3rd (first day of correction) - $QQQ is down over 12% while $SNAP is up over 3% (and at one point up 10%). In this sense I am looking for continued strength from $SNAP as an ex-index play - countertrend plays that are not trending with overall market.
BTO $SNAP 10/16 $25c avg $.85
Rallying despite the Nasdaq, S&P 500, Dow Jones correction #3Double top or nice breakout
Which one will occur?! Well, time will tell us, but we can look for the signs.
If it gets above 26.87 with HUGE volume, it is a good indication for a longer rally.
If the resistance will be strong enough than a double top will develop.
