Solid News

Snap Inc., Technical Analysis

8/31/2022 12:06 PM

The shares of Snap Inc., the US company that owns the Snapchat messaging service, continue their long-term corrective trend and are currently trading in the 11.00 area.

A global downtrend is forming on the daily chart, but the price managed to overcome the resistance line at 11.00 and consolidate above it.

On a four-hour chart, it is seen that after exiting the downwards channel, the key factor for a trend change will be the complete closing of the price gap from July 22 between 16.00 and 11.00, and then the movement can continue up to 21.00, coinciding with the beginning of the most significant price gap this year.

Technical indicators do not give clear signals: indicator Alligator’s EMA oscillation range is completely narrowed, and the AO oscillator histogram is close to the signal line.

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