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.

(Click on image to enlarge)

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

(Click on image to enlarge)

You can very easily build custom portfolios like this on our website with a Bespoke Premium or Bespoke Institutional ...

How did you like this article? Let us know so we can better customize your reading experience. Users' ratings are only visible to themselves.


Leave a comment to automatically be entered into our contest to win a free Echo Show.