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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 26.28 suggesting the next support level is at 23.96. This weakness suggests the long-term uptrend is turning neutral.
The stock has support at 23.96 and 22.75. If the stock breaks down through support at 23.96 then it will probably continue lower to 22.75. The stock will meet resistance at 26.28 and 33.87. If the stock breaks up through resistance at 26.28 then it will probably continue higher to 33.87. The 200-day moving average is at 18.01. This will also act as support. The stock is extremely overbought according to the Stochastic Indicator (78.49).”
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