A couple months ago, the chart activity for SnapChat (SNAP) led me to calculate 2 downside price targets areas for SNAP's share price. In the time since, Facebook (FB), a main competitor, has had a nice upside price run. Even Twitter (TWTR), a stock that has lagged in the sector, has rebounded from its lows and appears to be in a new uptrend. Could better things be on the horizon for SnapChat?
With positive earnings and news for a lot of companies in the internet sector, let's review how those downside price targets fared. Maybe some price target adjustments are in order based on all the good things happening in the sector.
SNAP - Point & Figure
Do the Point & Figure charts indicate that Snapchat's downtrend is over? Let's take a look.
High/Low Point & Figure Chart - $23 Bullish Price Objective
Closing Point & Figure Chart - $22 Bullish Price Objective
Point & Figure charting is a technique that is based on supply and demand for the shares. With 2 bullish price objectives, the demand seems to be greater than the supply at the moment.
The chart activity for SnapChat (SNAP) in my previous article indicated it was in a downtrend. Time to look at some candlestick charts to see what sort of trends or patterns may be present.
Analyzing Chart Activity for SnapChat (SNAP)
This first candlestick chart for SnapChat is a 1 year daily candlestick chart. It captures SNAP's entire history as a publicly traded company on the stock exchange. On the chart I've indicated the date of my previous article and the 2 probable downside price targets I calculated for SNAP's share price…...
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I review the chart activity for SnapChart (SNAP) to monitor during its upcoming earning report. A trading strategy is discussed based on 2 probable outcomes for SNAP's share price.
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