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Snap Inc. (NYSE:SNAP) shares traded sharply higher Tuesday, experiencing high volatility as the company looks to be rebounding from the market sell-off Monday.
Snap closed up 6% at $76.08.
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Snap Daily Chart Analysis
- Shares broke above resistance and now look to be consolidating in what technical traders call a bullish flag pattern.
- The stock may continue to trade within the flag pattern until it breaks above the support or resistance of the pattern. If the stock falls below support it may fall back into the channel it once traded in before breaking resistance.
- The stock is trading above both the 50-day moving average (green) and the 200-day moving average (blue), indicating the sentiment in the stock has been bullish.
- Each of these moving averages may hold as a possible area of support in the future.
- The Relative Strength Index (RSI) has been moving sideways the past couple of weeks and now sits at the 54 level. The RSI is showing that the buying and selling pressure is relatively equal, with slightly more buyers than sellers.
What’s Next For Snap?
Bullish traders would like to see the stock break above the pattern resistance and push higher in the pattern. Bulls also want to see the RSI push a little higher to see a nice upward push.
Bears would like to see the stock fall out of the flag pattern and fall back into the channel it once traded in. For this to happen the price would have to cross below the $65 level, and begin to hold it as resistance once again.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.