Solid News

Snap Inc., Technical Analysis

8/12/2022 11:26 AM

The downwards trend in Snap Inc., the US company that owns the Snapchat messenger, increases and is currently trading at 11.00.

On the daily chart of the asset, a global downtrend is forming, the price movement which occurs with frequent price gaps, which indicates a strong influence of fundamental factors. After forming the next gap at 16.00–11.00, the quotes try to work it out.

On the four-hour chart, the trading instrument is hampered by the global resistance line at 11.20, which is a key factor for the continuation of growth to 21.00, coinciding with the beginning of the most significant gap this year.

Technical indicators confirm the high probability of the start of growth and are preparing to give a signal to buy: indicator Alligator's EMA oscillation range actively narrows, and the histogram of the AO oscillator approaches the buying zone forming rising bars.

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