$SNAP Bullish Into earnings .
Potential long into earnings , in this hyper bullish name, while FB is stuck in the mud and the relentless attacks
on Big tech, SNAP has risen without any major resistance to settle just below the ATH today.
The options market is quite bullish also.
Fibonacci expansion targets $30.00 - $33.00, this could be a major breakout coming from a 3 year base.
If not willing to long into earnings, wait for the event and the inevitable pullback to test old resistance as support.
SNAP trade ideas
BUY to SNAP Hey traders, SNAP is at a very important moment in its history, we can witness a historical high. It is in a fake bearish phase with large buying volumes executed in the session and an abortive buyer's attempt in full VWAP. We can observe on the TIMEFRAME M1 a hammer bear candle on the VWAP, strong potential to breakout the comfort zone to reach another. And make a higher historque with a symbolic number at 29.65, then the next one is on 29.70.
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LONG SNAPSNAP has formed a solid base and is close to finishing its handle formation
Has spent some time in this base so I would suspect a break of ATH could lead us to R1 of 30$ which was the IPO price
Upon taking out the 30$ price which I suspect it will after falling drastically over the last few years, we can see the social media company continue to propel upwards - easily 35$
I'm looking to get into the Jan 2021 27$ calls that are currently costing 3.25/contract
Entry details as as follows
Enter at the break of 27.50 to 28$
Stop loss at 26.50 (located at the bottom of the handle)
Qty: 10 contracts
Thinking this will take 1-2 months for the trade to materialize