Snapchat SNAP Beneath Major Resistance Target in Downtrend Aug 30
Wed, Aug 30, 2:31 PM ET, by Corey Rosenbloom
If you’ve been trying to find a bottom in Snapchart, August may have been your month.
Price rallied up toward the falling 50 day EMA target, and we now await a breakout event or a simple resumption of the downtrend with the current “bear flag” trade opportunity against resistance.
Which scenario will prevail? That’s your trade!
Take a moment to review our prior post “Aggressive Bottom-Fishing in Snapchat” which set up the aggressive trade to our current target at the $15.00 per share level.
With that trade successful, we now prepare to trade – without bias – either a BREAKOUT scenario (above $15.50 with stop beneath $15.00) or perhaps more likely the BEAR FLAG retracement trade “down away from” $15.00 back toward the $12.00 per share level (stop above $15.50).
It’s your choice when to enter and how to manage the trade, but either way, price MUST depart AWAY FROM the $15.00 per share level… and you can build a trade from that price movement.
Come join us to learn these tactics (beyond this simple/quick update) and have an evening game plan you can use effectively for the next trading day.
Follow along with members of the Afraid to Trade Premium Membership for real-time updates and additional trade planning.
Corey Rosenbloom, CMT
Afraid to Trade.com
Follow Corey on Twitter: http://twitter.com/afraidtotrade
Corey's book The Complete Trading Course (Wiley Finance) is now available along with the newly released Profiting from the Life Cycle of a Stock Trend presentation (also from Wiley).”
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