SNAP closes lower for the 2nd day in a row
Moving lower for the 2nd day in a row, SNAP ended Monday at 14.58 losing $0.30 (-2.02%) on low volume. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range in a lackluster session.
Monday's trading range was $0.43 (2.89%), that's below last trading month's daily average range of $0.76. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being exactly the same as average.
During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Selling might speed up should prices move below the nearby swing low at 14.36 where further sell stops could get activated. With prices trading close to this year's low at 13.15, downside momentum might accelerate should the market break out to new lows for the year. As prices are trading close to April's high at 15.73, upside momentum could speed up should Snap mark new highs for the month. Trading close to February's low at 13.32 we might see further downside momentum if potential sell stops at the level get triggered.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being very bearish.
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|2 Consecutive Lower Closes||TQ Pro Members Only|
|Close to Swing Low||TQ Pro Members Only|
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