Get started

Snapchat

SNAP; Will We Be Screenshoting this Long Play?✨ We provide charts every day ✨ Like and Follow to help us grow family! 🎉 --- Let's go family! Breakaway Scalper moves have worked well recently. We are currently looking for a long signal entry from Breakaway Scalper (Green bar color) if the uptrend from Fractal Trend can continue to stay strong and confirmed (Green background). --- STRATEGY USED:Momentum Mover Trend Confirmation = Fractal Trend Entry Signal = Breakaway Scalper Exit Signal = Breakaway Scalper OR Orderblock Mapping --- 1. Fractal Trend is showing an uptrend (Green background color) for SNAP on the 1 hour chart. 2. Price has broken above the channel and is now consolidating on top of it. 3. We are currently looking for a long signal entry from Breakaway Scalper (Green bar color) if the uptrend from Fractal Trend can continue to stay strong and confirmed. 5. If we do get a breakout to the upside will be looking to see how price reacts at R1 - R3 resistance. 6. If we go lower we will look for reactions at S1 and S2 support.
NYSE:SNAP
by AlphaBotSystem
Daily Review: ZM, SNAP and SPYToday, U.S. markets ended flat despite starting off the session on a positive note. Although the close was bearish, could there be a bullish case hidden? Let's see what we can find assessing ZM, SNAP, and SPY. Bull Market in the Cards? We begin today with possibly the strongest performing stock of the day, Zoom. As you can see, Zoom is obliterating its previous high. The Momentum is clearly behind Zoom and on RSI, you could see that Zoom has respected its RSI 'bull market' support level. There is no denying Zoom can continue to push new highs as long as its product is in demand. With second and even third waves of COVID-19 possible. Is it impossible to think a vast majority of the Global workforce works from home? Still, I would be cautious buying these levels. Bias: Bullish . I won't lie, I am not a fan of Snapchat and I'll will save my reasons for another day. However, the chart though...wow. Full disclosure, I missed this one. I should have posted yesterday warning not to buy just yet, but if you hadn't picked it up by now my bias is bullish. The SNAP chart has two BIG things going with it. First, the obvious 151-week inverse head and shoulder. The measured target of which is $35. The second is that we have a clear Elliott wave 1 and 2 established as seen by the count. The wave 2 especially, retraced into the 0.618 fibonacci, a popular retracement level. In combination with expanding volume, SNAP could be in the beginning of the strongest wave, 3. First target is around $40. Overall, there is not very much to dislike about the SNAP chart. Bias: Bullish . Uncertainty Despite the market going on an unprecedented rally off the March lows there is a reason to be concerned going into the weekend. Today, the markets did not follow through on a promising start to the morning. I mentioned yesterday that I would be a buyer of the dip. Today, I am not so certain I would be anymore. Above is the weekly view of the SPY. This week it is turning out to be an inside bar, trading within the high and low of the previous week. What's that tell me? Uncertainty. It's no surprise. With States deliberating the next steps on how to handle the re-opening of the their economies there is uncertainty and caution abound. Bulls should do the same. Not shown here, but on the daily charts of the major indexes, the first lower highs have been established. Bias: Bearish . Just over 30% off the lows, it is not ill conceived that the markets pull back a bit here (or a lot). Tomorrow's weekly close will provide a lot of insight on how to trade next week. I will review Ethereum and Bitcoin going into the weekend, as I do suspect some trickery to take place while futures markets are closed over the weekend.
AMEX:SPY
by DailyClose
7