Snapchat (SNAP) – Snap Focuses on Profits – Jan 8th, 2020
S&P 500 Market Outlook: Bullish
Bullish Trade: SNAP $17.03 – Technology
The bullish DailyPlay we chose for Wednesday, Jan 8th is Snapchat (SNAP). SNAP is part of the Technology Sector (XLK). XLK has rallied 6.59% higher over the past month and its 1m and 6m trend turned bullish on Dec 6th and recently broke above its $90 resistance level.
Snapchat’s 1m and 6m trend turned bullish on Dec 13th and recently broke out above its $16 resistance level. With a technical score of 8 (out of 10), SNAP is a strong stock that will likely continue higher.
As a stop loss, if SNAP was to trade below $16 for multiple days, this would invalidate our analysis and suggest cutting losses on the trade.
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