We have a clear double top with declining volume on the second top. While this is happening we have a bearish divergence with the RSI indicator. Even with being conservative & stating that the neckline was broken around $15 we still get a minimum price target of $11.49 which I moved up slightly to $11.60 where there are some previous support/resistance levels.
I should note that SNAP just had earnings & received a couple of upgrades today from JP Morgan & Needham. Not to mention they had an upgrade a few days ago, prior to earnings, from Bank of America/Merrill Lynch. Always risky with earnings/upgrades but the pattern is the pattern.
I should note that SNAP just had earnings & received a couple of upgrades today from JP Morgan & Needham. Not to mention they had an upgrade a few days ago, prior to earnings, from Bank of America/Merrill Lynch. Always risky with earnings/upgrades but the pattern is the pattern.
Comment:
SNAP is in an overbought condition, maybe a good time to be looking to short the name again.