7/17/2017 – Snapchat (SNAP) & Its Downtrend
There was a lot of hype for Snapchat (SNAP) and its IPO a few months ago in March 2017. While there are quick riches to be made in IPO's, fortunes can also be lost. Purchasing shares after SNAP's IPO would have resulted in disaster.
While I haven't written a full length article on Snapchat quite yet (this is my first), I did comment on its issues since becoming public in this previous Trendy Stock Charts Facebook (FB) article:
I wasn't very keen on SNAP's share price in that article. Hopefully I steered most away from wanting to invest in the company. It has been a couple of months now since that February article. Let's see if SNAP's recent chart activity can change my mind and make me bullish on its outlook.
Snapchat (SNAP) - Downside Price Targets
So what does Snapchat (SNAP) have to offer in way of charts? Not much. It has been a public company for less than 6 months now. But one thing is definitely clear - SNAP's share price is in a downtrend.
This candlestick chart captures all of SNAP's price activity since its IPO. There are 2 different Fibonacci Extension Tools overlaid on this 1 year daily candlestick chart to help calculate downside price targets.
Notice there are 2 downside price target areas. I do not suggest…...
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I continue reviewing and discussing some pullback areas to use for trading a small position in the stock. See why I do not recommend purchasing shares for the long-term quite yet.
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