SNAP closes below its opening price unable to hold early session gains
Moving lower for the 4th day in a row, SNAP ended Thursday at 10.57 losing $0.01 (-0.09%). Today's closing price of 10.57 marks the lowest close since Inception. Trading $0.22 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range. Ending with a weak close near the low of the day sets a bearish note for the next session.
Thursday's trading range was $0.37 (3.47%), that's slightly below last trading month's daily average range of $0.51. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being exactly the same as average.
In a volatile session, prices traded above the previous day's high as well as below the prior day's low, forming a bearish Outside Bar. Even with a strong opening the stock closed below the previous day's open and close, forming a bearish Engulfing Candle.
After trading as low as 10.50 during the day, Snap bounced off the key support level at 10.51. The failure to close below the support might increase that levels importance as support going forward. The share found buyers again today around 10.50 for the third trading day in a row after having found demand at 10.55 in the prior session and at 10.51 two days ago.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.
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|Bounced off Technical Support S1||TQ Pro Members Only|
|Low close to previous two Lows||TQ Pro Members Only|
|4 Consecutive Lower Closes||TQ Pro Members Only|
|Bearish Engulfing Candle||TQ Pro Members Only|
|Bearish Intraday Reversal||TQ Pro Members Only|
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