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Snap Inc., Technical Analysis

8/4/2022 11:22 AM

The shares of Snap Inc., the US company that owns the Snapchat messenger, are trading at 10.00.

On the daily chart of the asset, a global downtrend is forming, the next acceleration of which occurred after the price gap from 16.00 to 11.00.

On the four-hour chart, the quotes have already begun to reverse upwards to cover this gap. However, a serious obstacle may arise in the price path in the form of a global downtrend resistance line, around 11.20.

Technical indicators confirm a high probability of a reversal and the beginning of an upward trend, preparing to give a buy signal: the EMA fluctuation range on the Alligator indicator shows the first signs of narrowing, and the AO oscillator histogram forms upward bars in the sell zone.

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