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Fan Yang

Snap Inc. is a Buy on the Dip Candidate around $13

Snap Inc. $SNAP appears to be on a strong bullish reversal trend in 2019. After falling to $5.00, it has roared back and recently tagged $16.00 a share. Since then, price has been retreating, closing around $14.15 after the Monday 7/22 session.

SNAP Daily Chart

(click to enlarge)

- Looking at the 2019 rally, we can see that price broke several key resistance factors including the cluster of moving averages and a falling trendline.
- Price also broke above a key resistance around $14. In fact, if $14 becomes support this week, we might see a bullish continuation going forward.
- But even if price extends below $14, the overall bullish outlook is still in play.
- I think the $12-$12.60 will be a key support area for the bullish outlook.
- A break below $12 is not a good look, and opens up $10. In this scenario, I would assess SNAP to be in a sideways, choppy consolidation mode instead of a bullish mode. 
- A hold above $12.60, or even $13 would maintain the bullish status.

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