Snapchat SNAP Beneath Major Resistance Target in Downtrend Aug 30

Aug 30, 2017: 1:27 PM CST

If you’ve been trying to find a bottom in Snapchat, August may have been your month.

Price rallied up toward the falling 50 day EMA target, and we now await a breakout event or a simple resumption of the downtrend with the current “bear flag” trade opportunity against resistance.

Which scenario will prevail?  That’s your trade!

Snapchat SNAP

Take a moment to review our prior post “Aggressive Bottom-Fishing in Snapchat” which set up the aggressive trade to our current target at the $15.00 per share level.

With that trade successful, we now prepare to trade – without bias – either a BREAKOUT scenario (above $15.50 with stop beneath $15.00) or perhaps more likely the BEAR FLAG retracement trade “down away from” $15.00 back toward the $12.00 per share level (stop above $15.50).

It’s your choice when to enter and how to manage the trade, but either way, price MUST depart AWAY FROM the $15.00 per share level… and you can build a trade from that price movement.

Come join us to learn these tactics (beyond this simple/quick update) and have an evening game plan you can use effectively for the next trading day.

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Corey Rosenbloom, CMT

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