SNAP surges 5.43% closing $0.37 higher
Snap Inc. Class A (SNAP) Technical Analysis Report for Oct 12, 2018 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, SNAP finished the week -7.59% lower at 7.18 after surging $0.37 (5.43%) today, notably outperforming the S&P 500 (1.42%). This is the biggest single-day gain in over three months. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (SNAP as at Oct 12, 2018):
Friday's trading range has been $0.34 (4.74%), that's slightly below the last trading month's daily average range of $0.38. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently just the same than usual for SNAP.
One neutral candlestick pattern matches today's price action, the Doji. The last time a Doji showed up on July 9th, SNAP lost -2.49% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Doji" stand out. While it is usually interpreted as neutral, it has actually shown to be bearish for Snap. Out of 19 times, SNAP closed lower 52.63% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 63.16% with an average market move of -0.77%.