Snap Out Of It

Snapchat parent company Snap Inc. (SNAP) made a new 52-week high last Friday in a beautiful breakout pattern. As shown below, the stock traded in a very nice uptrend over the first seven months of 2019, but then it began a multi-month consolidation phase. During this consolidation phase, the stock rounded out a bottom (a cup formation) all while holding above support at its 200-day moving average. The end result was Friday’s break to new highs.

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Below are charts of SNAP and a handful of other related companies in the online/social media space. 

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