With the recent news of Evan Spiegl selling $50 million worth of shares (www.businessinsider....in-snap-stock-2018-2) it could be expected for us to see some more profit taking from larger investors during the remainder of this month.
Looking at the daily chart we can see price has revisited and failed to surpass the $21 price therefore we will look to take SHORT positions with an optimal entry price between $20.9 and $21.30. The maximum risk on this trade will be considered around the $23 price with our target area to take profit between $16.3 and $17
The H4 chart price action is signaling a possible reversal towards $18.5 and the H1 / M15 candles are also printing with bearish intent
The volume between February 9 and today has been fairly consistent compared to the high volatility we experienced February 7th and 8th
We must also consider the backlash SNAP is experiencing because of their platform redesign and there is currently a petition with over 1 Million Votes to revert to the old version... if more traders decide its time to take some profits as we approach the end of this month it will leave a nice bullish wick heading into March!
Happy Trading!
Looking at the daily chart we can see price has revisited and failed to surpass the $21 price therefore we will look to take SHORT positions with an optimal entry price between $20.9 and $21.30. The maximum risk on this trade will be considered around the $23 price with our target area to take profit between $16.3 and $17
The H4 chart price action is signaling a possible reversal towards $18.5 and the H1 / M15 candles are also printing with bearish intent
The volume between February 9 and today has been fairly consistent compared to the high volatility we experienced February 7th and 8th
We must also consider the backlash SNAP is experiencing because of their platform redesign and there is currently a petition with over 1 Million Votes to revert to the old version... if more traders decide its time to take some profits as we approach the end of this month it will leave a nice bullish wick heading into March!
Happy Trading!