SNAP pops to highest close since April 24, 2018
Snap Inc. Class A (SNAP) Technical Analysis Report for Jul 12, 2019 | by Techniquant Editorial Team
Moving higher for the 4th day in a row, SNAP ended the week 2.5% higher at 15.61 after gaining $0.04 (0.26%) today on high volume, slightly underperforming the S&P 500 (0.46%). Today's close at 15.61 marks the highest recorded closing price since April 24, 2018. The bears were in full control today, moving the market lower throughout the whole session. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (SNAP as at Jul 12, 2019):
Friday's trading range has been $0.71 (4.39%), that's above the last trading month's daily average range of $0.53. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for SNAP.
One bearish candlestick pattern matches today's price action, the Black Candle. The last time a Black Candle showed up on July 2nd, SNAP actually gained 4.68% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Decisive Down Move" stand out. Its common bearish interpretation has been confirmed for Snap. Out of 65 times, SNAP closed lower 52.31% 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 50.77% with an average market move of -1.61%.