I believe SNAP is going to go up within the next week. There are a few reasons for this.
The first indicator that helps show this is EMA . I have overplayed a EMA-100 (Resolution 15 Minutes) to see the trend for the past few weeks. We can see that since March 29 the EMA has indicated a sideways trend for the stock.
This can also be seen without the indicator if you were to analyze the time period. However, the EMA line was on the verge of crossing under the share price as of Friday. We could additionally see the EMA line curving up starting
the 18th of May. This last week has however all been good for SNAP and this trend will continue.
We additionally can simply look at levels of support and resistance to analyze why SNAP will go up. I have outlined resistant and support levels for two different time periods ( support and resistance from March 30 to present as
well as support and resistance from 18th of May to present). The bigger trend shows that SNAP touched the level of support at around 13th of May and has been going up since until resistance hit on the 20th. However, analyzing
levels of resistance and support from the 18th of May to present indicates that SNAP just hit support and bounced back. As both time periods and levels of resistance/support show that SNAP is rebounding from touching support,
this further warrants SNAP going up.
Finally, the last reason would be my custom Pivot Point Strategy. This is a strategy I have created on my own (I am aware of open source pivot point strategies, however this is of my own creation) and is showing an uptrend in SNAP
since the 18th (also around the same time the smaller levels of support and resistance were created). As you can see from the past few days, this indicator knows what this is doing and further supports an uptrend.
EMA crossing under the share price with an addition to analyzing levels of support and resistant and analyzing pivot point trends makes me confident that SNAP will go up this week.
There are two scenarios:
1. SNAP breaks the level of resistance and shoots up.
2. SNAP simply goes up to the level of resistance and comes down
Either way a 6.5% growth is near guaranteed.
Please let me know if there is anything I am missing out or failed to notice. I am learning through ideas and I appreciate all the feedback.
SNAP Going Up by AHiray on TradingView.com