Snap Inc Finds Short-Term Resistance

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Snap IncSNAP
shares are trading higher by $$0.56 at $22.00 in Wednesday's session. After four volatile sessions, the issue appears to be finding some technical levels of significance.

On the downside, Tuesday's all-time low of $20.64, appears to safe for now. The reason being, the issue has found support just under Tuesday's close ($21.44) at $21.31 and is now attempting to remain in the $22.00 handle.

On the upside, the issue has found sellers just ahead of Tuesday's high at $22.50 as $22.40 stands as the high for the session as of 11:00 a.m. Thus, putting in place a potential double top.

Investor interest in the issue appears to be waning as the volume has dropped off considerably from its opening day volume of 217 million as only 72 million shares traded in Tuesday's session.

Posted In: NewsTechnicalsIPOsIntraday UpdateMoversTechTrading Ideas
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