Buy signal in confirmation
Snap slides 3.1% on the week, but the bounce off the 20-day average keeps buyers in the game
Our view last week
Snap stock closes its confirmation week up 1.5%, with the weekly MACD now above its Signal line and daily money flow back in positive territory. The technical picture carries one caveat though: price action shows a pronounced distribution phase, the first flag to watch on a freshly opened trade. The new buy signal holds, passing its first test.
This week's summary
Snap Inc slips 3.1% this week, with price action flagging an early distribution phase, the first flag to watch on a freshly opened trade. Thursday's bounce off the daily 20-day moving average, with almost three quarters of volume on the buy side, says buyers are still around. The buy signal, which fired two weeks ago, holds: the weekly MACD stays above its Signal line and keeps improving.
IQS Phase
51
ordinary
Signal Strength
79
high · wide & volatile
Sizing
FULL
Ranking
#21 / 167
US stocks in progress
Trade P&L %
-1.69%
from signal to date, no stop loss
Rank position
ranks 21st among the 167 Longs already running for US stocks in our ranking, with a signal strength of 79 out of 100.
Sector context
SectorCommunication Services
Benchmark ETFXLC
Sector regimein strong phase
Performanceweekly -1.37% · monthly +2.01%
SNAP belongs to the communication services sector (reference ETF XLC). The sector is classified in strong phase according to our weekly reading.
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