Monday, 27 March 2017

SNAP - mainstream upgrades

Whilst the main market battled upward from opening lows, there was particular resilience in SNAP, which settled +4.8% at $23.83. Near term outlook is bullish, as mainstream consensus is for further upside, which would clearly be helped if the sp' can push upward to 2425/50 by early May.

SNAP, daily


So, the fifth net daily gain of the past six trading days. SNAP has climbed from a cycle low of $18.90, to today's intra high of $24.40. Clearly, these are still very early days for the stock, and the above daily chart only has 18 candles on it.

Its ironic that just a few weeks ago, the mainstream were regularly chatting 'SNAP to $10'. That still seems possible, but not before new highs, probably in the low $30s.

Meanwhile... on clown finance TV...

You can see a fair few institutions are currently touting SNAP to $24, with RBC seeking $31. Indeed, the low $30s do seem viable within a month or two, not least if sp'2425/50 by early May.

To be clear, I have ZERO interest in meddling in such a stock that is surrounded by such hysteria. Hell, I'd even prefer TWTR over snap, not that I'd meddle in that mess either.

SNAP is certainly an interesting one to follow... if only for 'entertainment purposes'.