Hi all, posting an idea that I like and have a position in for this coming week.
SNAP
is showing some signs of a reversal to the upside after several months of downside/sideways trading due to it breaking the horizontal flag the downside with a gap down after it's last earnings report. This time around it is showing signs of a reversal to the upside at the bottom of a long-term trading channel. I drew this using parallels lines from the top of the channel to the bottom of the channel. The stock demonstrated price action above both the daily 9 and 20 SMAs the past two trading sessions and closed above them. The 55 SMA was tested twice and rejected thus far. The price action showed 3 green daily candles (3 white knights) in a row followed by a red candle back to the 20 SMA. The RSI is healthy sitting right around 50. The MACD histogram is moving back to the upside.
SNAP
earnings report will come on Thursday, 25Apr2024 after market close. Earnings Whisper is showing an options implied move of 21.4%. This is a highly speculative idea, but based on this technical analysis I have taken a position in $12 call options with an expiration of 26Apr2024.
This is not a recommendation to buy, it's just an idea that I am sharing and something that I am positioned in.
SNAP
is showing some signs of a reversal to the upside after several months of downside/sideways trading due to it breaking the horizontal flag the downside with a gap down after it's last earnings report. This time around it is showing signs of a reversal to the upside at the bottom of a long-term trading channel. I drew this using parallels lines from the top of the channel to the bottom of the channel. The stock demonstrated price action above both the daily 9 and 20 SMAs the past two trading sessions and closed above them. The 55 SMA was tested twice and rejected thus far. The price action showed 3 green daily candles (3 white knights) in a row followed by a red candle back to the 20 SMA. The RSI is healthy sitting right around 50. The MACD histogram is moving back to the upside.
SNAP
earnings report will come on Thursday, 25Apr2024 after market close. Earnings Whisper is showing an options implied move of 21.4%. This is a highly speculative idea, but based on this technical analysis I have taken a position in $12 call options with an expiration of 26Apr2024. This is not a recommendation to buy, it's just an idea that I am sharing and something that I am positioned in.