Snap may be a long way from it’s record highs, but its 167% rally from December’s low is not something to look past. The trend structure is clearly bullish and prices are now using the 8 and 21 exponential moving averages as dynamic support. And Wednesday’s candle was its most bullish in weeks to show momentum is starting to realign with its trend.
Since finding resistance at $15 last month, Snap has continued to consolidate within a potential bullish flag formation. And, given the strength of the underlying trend, and the fact that forward returns tend to favour the S&P500 once it closes at new highs, we expect this to break higher in due course.
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