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SnapChat Bears Abandon Bearish Trend?

Conclusion for today’s SnapChat Analysis: 

Price action in SnapChat has confirmed a bottom bullish reversal and therefore bullish trend starting from December 21, 2018 should continue.

Over a year of price action is presented in today’s SnapChat analysis on a logarithmic scale, with previous analysis provided here.

SnapChat investing

Immediate attention is drawn to the long term bearish trendline used to highlight the trend in SnapChat’s stock price ever since it reached a price high of $21.22 on February 07, 2018.

The chart pattern used in this analysis to describe price action from November 20, 2018 to January 30, 2019 is a Head and shoulders bottom (or inverted Head and shoulders) pattern, which is ideally bullish.

Price closed above the neckline of the pattern on January 30, 2019 followed by a rising gap (or window) which also supports a bullish bias for SnapChat.

A pull back in price to retest the neckline is plausible as part of the development of the bullish price swing from December 21, 2018. Price closing below $4.90 invalidates the chart pattern mentioned above.

Entry of long (buy) positions on a breakout above the February 01, 2019 price high of $7.14 could be considered as a conservative strategy or used to add to existing long (buy) positions.

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15 thoughts on “SnapChat Bears Abandon Bearish Trend?

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