Shares of Snap Inc (SNAP) plummeted on Wednesday after the social media company missed revenue and earnings expectations. The stock was trading at $17.35 (-8.59%) by mid-morning. The stock chart technical support on Snap Inc is $15.00, with a major up-sloping trend line connecting through previous major pivot lows. This gives technical traders a level to watch and buy.
Snap Inc has risen from $5.00 at the start of 2019 to nearly $20.00 at the start of 2020. To see a major retrace should be expected for all common sense investors and stock traders. The key for these smart investors and traders is where to buy. The first level for a bounce is at $15.00 based off stock chart technical support. This is a swing trade, not a long term investing level on Snap Inc.
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