Snap Inc. (SNAP/NYSE): general review

Current trend

Snap Inc. shares show a correctional decline of 10.5% from the 52-week high of July 29. Over the past three months, the emitter's quotes grew by 44%. Previously, the company presented the third generation of Spectacles 3 smart glasses with significant revisions and a price almost two times higher than last year's version.

Last week, Snap Inc. share price increased by 0.56%. S&P500 went up by 2.64% within the same period.

Support and resistance

The company's shares continue to be traded in flat. No single direction tendencies are observed. At the moment, the company's shares are testing local levels of support and resistance at 15.60 and 17.20, respectively. A technical correction is possible in the near future.

Indicators don't give a clear signal: the price crossed MA(50); MACD histogram is located near the zero line. Positions are to be opened from key levels.

Comparing company's multiplier with its competitors in the industry, we can say that #SNAP shares are neutral.

Support levels: 15.60, 14.00, 12.40.

Resistance levels: 17.20, 18.35.

Trading tips

If the price consolidates above the resistance level of 17.20, one may consider buying the company's stock. Potential profits should be locked in by orders at 18.40, 19.60, and 20.50. Stop loss – 16.00.

If the price consolidates below 15.60, #SNAP shares are expected to correct. The moving potential is aimed at the area of 13.20–12.40. Stop loss – 16.80.

Implementation period: 3 days.

Scenario

  • Timeframe

    Intraday

  • Recommendation

    BUY STOP

  • Entry Point

    17.20

  • Take Profit

    18.40, 19.60, 20.50

  • Stop Loss

    18.00, 16.00

  • Key Levels

    12.40, 14.00, 15.60, 17.20, 18.35

Alternative scenario

  • Timeframe

    Intraday

  • Recommendation

    SELL STOP

  • Entry Point

    15.55

  • Take Profit

    13.20, 12.40

  • Stop Loss

    16.80

  • Key Levels

    12.40, 14.00, 15.60, 17.20, 18.35