we cashed out half our long position in SNAP and kept a half for a possible upside. i was going to close the remaining position but checking the chart - it seems i'll hold for now. here's why.
- this week started bad for SNAP with a relatively big drop, the good news is, there was no follow thru from sellers and bulls took over the rest of the week with 4 positive (UTO barscore) days
- also on the daily chart, SNAP is attempting to breach out of the declining channel and trade within a range - a good sign that can point to a possible breakout if we get enough demand coming in.
- the weekly chart shows an end of a distribution cycle, and a possible return to demand mode. it is possible to expect a similar breakout to what happened in November 2019 (see weekly chart)
Price projection:
i don't have a target in mind at this time - maybe in the next update. the current decision based on this week's analysis is to hold instead of completely closing - i'll be happy if we get to the IPO level and see what happens next.
- this week started bad for SNAP with a relatively big drop, the good news is, there was no follow thru from sellers and bulls took over the rest of the week with 4 positive (UTO barscore) days
- also on the daily chart, SNAP is attempting to breach out of the declining channel and trade within a range - a good sign that can point to a possible breakout if we get enough demand coming in.
- the weekly chart shows an end of a distribution cycle, and a possible return to demand mode. it is possible to expect a similar breakout to what happened in November 2019 (see weekly chart)
Price projection:
i don't have a target in mind at this time - maybe in the next update. the current decision based on this week's analysis is to hold instead of completely closing - i'll be happy if we get to the IPO level and see what happens next.
"Understand the market. Trade your way."
Original concepts on classic TA: EVEREX · VADER · TPX · CoRa Wave · Tri-View MTF system
▸ Follow on X for market reads & updates: x.com/RedKTrader
▸ tradingview.com/u/RedKTrader/
Original concepts on classic TA: EVEREX · VADER · TPX · CoRa Wave · Tri-View MTF system
▸ Follow on X for market reads & updates: x.com/RedKTrader
▸ tradingview.com/u/RedKTrader/
Publications connexes
Clause de non-responsabilité
Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.
"Understand the market. Trade your way."
Original concepts on classic TA: EVEREX · VADER · TPX · CoRa Wave · Tri-View MTF system
▸ Follow on X for market reads & updates: x.com/RedKTrader
▸ tradingview.com/u/RedKTrader/
Original concepts on classic TA: EVEREX · VADER · TPX · CoRa Wave · Tri-View MTF system
▸ Follow on X for market reads & updates: x.com/RedKTrader
▸ tradingview.com/u/RedKTrader/
Publications connexes
Clause de non-responsabilité
Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.