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Snap Inc (SNAP) “On a long-term technical basis, the stock (SNAP) is trading above its 200-day moving average which generally implies it is in a positive trend. However, the stock has recently broken down through an important fibonacci fan trendline at 24.78 suggesting the next support level is at 21.56. This weakness suggests the long-term uptrend is turning neutral.
The stock has support at 21.56 and 18.46. If the stock breaks down through support at 21.56 then it will probably continue lower to 18.46. The stock will meet resistance at 22.50 and 23.96. If the stock breaks up through resistance at 22.50 then it will probably continue higher to 23.96. The 200-day moving average is at 17.60. This will also act as support. The stock is slightly oversold according to the Stochastic Indicator (32.02).”
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