SNAP closes above its opening price after recovering from early selling pressure


Snap Inc. Class A (SNAP) Technical Analysis Report for Dec 04, 2019 | by Techniquant Editorial Team

Highlights

SNAP closes above its opening price after recovering from early selling pressure
SNAP closes higher for the 2nd day in a row
SNAP ends the day indecisive

Overview

Moving higher for the 2nd day in a row, SNAP finished Wednesday at 15.00 gaining $0.08 (0.54%) on low volume, slightly underperforming the S&P 500 (0.63%). Trading up to $0.18 lower after the open, Snap managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on November 22nd, SNAP gained 1.57% on the following trading day. 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 Dec 04, 2019):

Daily technical analysis candlestick chart for Snap Inc. Class A (SNAP) as at Dec 04, 2019

Wednesday's trading range has been $0.27 (1.8%), that's far below the last trading month's daily average range of $0.52. 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 slightly lower than usual for SNAP.

Two candlestick patterns are matching today's price action, the Southern Doji which is known as bullish pattern and one neutral pattern, the Doji.

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 "Southern Doji" stand out. Its common bullish interpretation has been confirmed for Snap. Out of 13 times, SNAP closed higher 61.54% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 61.54% with an average market move of 2.36%.


Market Conditions for SNAP as at Dec 04, 2019

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