The SNAP swing trade has hit T1 hit for a quick 10.8% gain. Consider booking partial or full profits and/or raising stops, depending on your trading plan. Nice impulsive follow-through to the bullish engulfing candlestick that SNAP printed on Monday, with follow-up green closes every day so far this week. Awaiting a solid break & close above the 14.10ish resistance level in coming days or weeks. Original & Updated daily & 60-minute charts below:
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- SNAP daily Aug 14th
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- SNAP daily Aug 18th
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- SNAP 60-minute Aug 14th
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- SNAP 60-min Aug 18th
Shortly after the open today within the trading room I had commented that if SNAP can close the day above 13.85, it will have printed a bullish engulfing candlestick on the weekly chart, the first & only weekly bullish engulfing stick since the IPO back in early March. That would have even longer-term bullish implications than Monday’s bullish engulfing candle on the daily time frame. Barring a healthy reversal into close in the last hour of trading today, SNAP now appears poised to print a bullish engulfing candlestick on the weekly time frame.
SNAP weekly Aug 18th