SNAP Resistance Levels
SNAP has been trading inside the blue triangle for several months now. Marked on the chart are a few support zones which could serve as resistance in the short term. I'm watching for a retest of ~$58 after SNAP's selloff today. The market reaction across the board today seems to have been fueled by Janet Yellen's comments this morning on increasing interest rates. I do anticipate that growth stocks such as SNAP will be impacted pretty heavily when the Fed begins raising interest rates. However, under the Fed's current loose-money policy, that doesn't seem to be an immediate risk.
Last week we tested the inverted H&S neckline ~$64. Considering the extra volatility surrounding earnings, as well as the support level at ~$33.32, I don't think that today's price drop justifies ruling out the H&S pattern. If buyers return across the market and volume picks up, I think that price could attempt to climb back towards $64. Waiting to see which direction the market takes, with the next importance support zone being the triangle's base ~$48.50.
Last week we tested the inverted H&S neckline ~$64. Considering the extra volatility surrounding earnings, as well as the support level at ~$33.32, I don't think that today's price drop justifies ruling out the H&S pattern. If buyers return across the market and volume picks up, I think that price could attempt to climb back towards $64. Waiting to see which direction the market takes, with the next importance support zone being the triangle's base ~$48.50.
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