Snap: Is the Nightmare Finally Ending?
Snap has struggled since growth stocks started crumbling two years ago, but now some traders may see chances of a recovery.
The first pattern on today’s chart is the potential basing pattern that began in August. Its bottom was slightly above the May trough. That could suggest that selling pressure is waning in the social-media stock.
Second are the pair of high-volume candles on October 16 and 25. The first came after The Verge reported that SNAP was setting ambitious internal targets for monetization and engagement. The second followed better-than-expected quarterly results.
At that time, investors were nervous about global tensions hurting growth. But if those worries fade, traders could target the third pattern: a large bearish gap that followed weak quarterly results in July.
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This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
The first pattern on today’s chart is the potential basing pattern that began in August. Its bottom was slightly above the May trough. That could suggest that selling pressure is waning in the social-media stock.
Second are the pair of high-volume candles on October 16 and 25. The first came after The Verge reported that SNAP was setting ambitious internal targets for monetization and engagement. The second followed better-than-expected quarterly results.
At that time, investors were nervous about global tensions hurting growth. But if those worries fade, traders could target the third pattern: a large bearish gap that followed weak quarterly results in July.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
Important Information
TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. TradeStation Crypto, Inc. offers to self-directed investors and traders cryptocurrency brokerage services. It is neither licensed with the SEC or the CFTC nor is it a Member of NFA. When applying for, or purchasing, accounts, subscriptions, products, and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means.
This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
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