we cashed out half our long position in SNAP and kept a half for a possible upside. i was going to close the remaining position but checking the chart - it seems i'll hold for now. here's why.
- this week started bad for SNAP with a relatively big drop, the good news is, there was no follow thru from sellers and bulls took over the rest of the week with 4 positive (UTO barscore) days
- also on the daily chart, SNAP is attempting to breach out of the declining channel and trade within a range - a good sign that can point to a possible breakout if we get enough demand coming in.
- the weekly chart shows an end of a distribution cycle, and a possible return to demand mode. it is possible to expect a similar breakout to what happened in November 2019 (see weekly chart)
Price projection:
i don't have a target in mind at this time - maybe in the next update. the current decision based on this week's analysis is to hold instead of completely closing - i'll be happy if we get to the IPO level and see what happens next.
- this week started bad for SNAP with a relatively big drop, the good news is, there was no follow thru from sellers and bulls took over the rest of the week with 4 positive (UTO barscore) days
- also on the daily chart, SNAP is attempting to breach out of the declining channel and trade within a range - a good sign that can point to a possible breakout if we get enough demand coming in.
- the weekly chart shows an end of a distribution cycle, and a possible return to demand mode. it is possible to expect a similar breakout to what happened in November 2019 (see weekly chart)
Price projection:
i don't have a target in mind at this time - maybe in the next update. the current decision based on this week's analysis is to hold instead of completely closing - i'll be happy if we get to the IPO level and see what happens next.
