SNAP CHAT POTENTIAL REJECTION AT 14.50
SNAP, INC has been on a steady decline since it hit the market. In a period where the tech sector has been performing well despite recent market shocks, SNAP has not been rising with it's tech cousins. The company has also had some trouble from a recent redesign which upset users as well as some other internal issues.
We are seeing a rise from the $10.00 handle since Citron Research issued a rare buy recommendation last week for SNAP, INC indicating that the SNAP,INC is oversold, undervalued, and that the recent problems they have been having are priced-in. They expect a rise to $17.00 before the bullishness ends.
Personally, I don't see it. They could be making temporary recovery from their recent slide, but I see the short term bullishness ending around 14.50 when we hit the Kumo Cloud resistance. We also have a fair amount of short term resistance around the 16.40 area which we would need to break before we see 17.00.
We are seeing a rise from the $10.00 handle since Citron Research issued a rare buy recommendation last week for SNAP, INC indicating that the SNAP,INC is oversold, undervalued, and that the recent problems they have been having are priced-in. They expect a rise to $17.00 before the bullishness ends.
Personally, I don't see it. They could be making temporary recovery from their recent slide, but I see the short term bullishness ending around 14.50 when we hit the Kumo Cloud resistance. We also have a fair amount of short term resistance around the 16.40 area which we would need to break before we see 17.00.
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