Snap Inc.Long
SNAP going to launch?
Look at the volume profile on the right bar charts where the purple line is, not much buying or selling. The higher you go you will notice more buyers than sellers, who are likely trapped. We need to revisit this area.
I think if we can get above $22.06 it will turn it around, all of the yellow lines are my levels for this. I will play this with options starting when we break $22, adding contracts on as we step each yellow line.
I think this should develop quickly, retaking the midpoint of my channel (blue line), which I would expect to run us right into the green box. The green box range is $23.50 - 24.68.
If this does fail, I would expect it to tap the $21.15 level as this a major support level.
I think if we can get above $22.06 it will turn it around, all of the yellow lines are my levels for this. I will play this with options starting when we break $22, adding contracts on as we step each yellow line.
I think this should develop quickly, retaking the midpoint of my channel (blue line), which I would expect to run us right into the green box. The green box range is $23.50 - 24.68.
If this does fail, I would expect it to tap the $21.15 level as this a major support level.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.