Discussion in 'Investment Charts' started by longtermbull, Jul 18, 2017.
Looks like Snapchat is back in the technology fold
Short term bounce looks good and there could be further to go but I am not convinced about the fundamentals of this one. What does everyone else think?
It will most likely benefit while the market it riding high and the "skies are blue" but when the market turns down I think stocks such as Snap will be the first to suffer.
I looked to trade this when it came to the market but the price and the valuation were way too hot for me. I would consider trading this stock but not at the moment - I think markets are too high and stocks like this will be hit when profit takers step in, as they surely will?
Short term traders are churning and burning this one!
Lot of potential crossovers on the chart - the next few days will be critical. We will soon know the short term trend
I worry about the tech sector as a whole taking a breather. If this happens then SnapChat will tumble.
They have revamped the service and the shares seem to be responding - time to take another look at Snap?
I think the short term spike in the share price will attract stale bears who bought in much higher up. Long term a lot will depend on how successful competitors such as FB are in copying the concept.
Looks like the revamp of the service has gone down well with investors and the next resistance level is around $17. Personally I would not be chasing this one as it is unclear when the company will actually make profit. Then again, they are not unique in the world of technology!
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