From lawsuits, negative news articles, and fierce competition; Snapchat just can’t seem to get a break. It was a rough month for Snapchat and it’s difficult to tell when things will get better for long term investors. Good thing I’m more of a swing trader!
Balls On Wall Street Trading Plan
After reviewing the 4 hr chart, Snapchat’s stock seems like it may fall below $17 very soon. But indicators and oscillators show an opportunity for a swing trade to be near.
I won’t be holding this stock for more than 3 days (depending on indicators).
4 Hour Chart Analysis
I circled the red candlestick also known as a Dark Cloud Cover. The green candles inside the circle formed an Inverted Hammer, which is signaling a downtrend. I’m looking for an entry point of $16.95-$17.10 with indicator similar to the one in the green circle, or any other indications of a reversal.
I conducted this analysis for my own reference. Please do your own research and technical analysis. Keep in mind to always keep track of any stock companies fundamental data for more efficient and effective trading/investing!
Thank you for reading! Always remember to trade wisely to minimize risk and maximize profits!