Snapchat has been increasing over the past two days based on good news the company released based on some of its new releases, Snap Map and Snapchat geo-filters.
Now users can share their location with the people they follow or remain undetected on ghost mode with Snap Map. Another new feature is Snapchat geo-filter which charges users to create and customize their very own filters around their own geographical area.
Balls On Wall Street Trading Plan
After a decent price increase over the past couple of days, Snapchat’s stock seems to have reached close to its high point for the week.
Looking at the 4-hour chart, I see that there is a bearish divergence on volume. The red candlestick cross I circled, also known as a Doji indicates a bullish day tomorrow, but the green candlestick inside the circle may prove otherwise. The green candlestick inside the circle is also known as a Dragonfly Doji. This candlestick is an indication that the stock may be bearish tomorrow and may end below $17.90 tomorrow afternoon.
I tried to keep it as simple as possible, but other indicators on my chart also show the stock to be bearish for tomorrow. Keep in mind that the company is undergoing a lawsuit along with Put Option Alerts in Snapchats news section, which tends to bring the stock down every time it appears. Good news may also bring the price up, but my opinion on this stock remains bearish for tomorrow.
Please do your own research and trade at your own risk. This post was based on my own research and analysis. Always remember to trade wisely to minimize risk and maximize profits!
Thank you for reading!