Snap Inc (Snapchat) Structure Breakout starting uptrend Impulse
It seems SNAP INC has now completed its possible Descending Wedge pattern and has now initiated its Upward (Bullish) Impulse wave 1 on the Intermediate Time Period.
After most of the year on a downward (Bearish) trend, Snap has finally broken the structure (confirmed on the 4Hourly Chart) and I am waiting for a complete breakout of structure on the DAILY chart as marker for an Entry LONG on this stock.
Fundamentals also seem to suggest that recent studies are suggesting that the market is moving away from Facebook, (for reasons including virtue signalling and downright disdain and corporate censorship of facebook users by facebook's CEO Mark Zuckerberg), and the market seems to be moving towards SNAP and Instagram.
Thus the move to SNAP is evident in the Technicals where price action has now broken a major trendline/structure and seems to be on its way upwards (bullish) on an impulse move which is great news for Bullish investors.
Technicals suggest a breakout of structure has just occurred on the 4 Hour chart after a decending wedge, price action has also broken through initial resistance as well as the TDI showing strong upward trend with the RSI line outside of the upper/outer band. However beware of a possible retracement which may occur near the next upper resistance area. The Mustard EMA has already crossed the Water EMA with the Ketchup EMA not far behind a cross, most likely within the next 4 to 8 hours at the time of writing this analysis. Once those crosses appear and the TDI shows continued upward trend, we should see a strong push to the next upper resistance before a retracement, to form the first Impulse wave 1 and the retracement would be correction/consolidation wave 2.
Study Source here: www.recode.net/2017/...m-snapchat-emarketer
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DISCLAIMER: This chart is for sharing and educational purposes only and is not intended to be a signal service or similar.
This chart analysis is only provided as my own opinion, based on my own analysis and comes with absolutely no warranty that this analysis is correct, whatsoever. Do not trade this chart if you do not have your own strategy. Trade only with your own strategy at your own risk. Plan your trade and trade your plan... and IF in doubt, stay out.
.....::::: If you like this chart, please click on the THUMBS UP! :::::.....
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After most of the year on a downward (Bearish) trend, Snap has finally broken the structure (confirmed on the 4Hourly Chart) and I am waiting for a complete breakout of structure on the DAILY chart as marker for an Entry LONG on this stock.
Fundamentals also seem to suggest that recent studies are suggesting that the market is moving away from Facebook, (for reasons including virtue signalling and downright disdain and corporate censorship of facebook users by facebook's CEO Mark Zuckerberg), and the market seems to be moving towards SNAP and Instagram.
Thus the move to SNAP is evident in the Technicals where price action has now broken a major trendline/structure and seems to be on its way upwards (bullish) on an impulse move which is great news for Bullish investors.
Technicals suggest a breakout of structure has just occurred on the 4 Hour chart after a decending wedge, price action has also broken through initial resistance as well as the TDI showing strong upward trend with the RSI line outside of the upper/outer band. However beware of a possible retracement which may occur near the next upper resistance area. The Mustard EMA has already crossed the Water EMA with the Ketchup EMA not far behind a cross, most likely within the next 4 to 8 hours at the time of writing this analysis. Once those crosses appear and the TDI shows continued upward trend, we should see a strong push to the next upper resistance before a retracement, to form the first Impulse wave 1 and the retracement would be correction/consolidation wave 2.
Study Source here: www.recode.net/2017/...m-snapchat-emarketer
----------------------------------------------------------------------------------------------------------------------------------------------------------
DISCLAIMER: This chart is for sharing and educational purposes only and is not intended to be a signal service or similar.
This chart analysis is only provided as my own opinion, based on my own analysis and comes with absolutely no warranty that this analysis is correct, whatsoever. Do not trade this chart if you do not have your own strategy. Trade only with your own strategy at your own risk. Plan your trade and trade your plan... and IF in doubt, stay out.
.....::::: If you like this chart, please click on the THUMBS UP! :::::.....
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