Huge Cup Formation Indicates Breakout for $SNAP Stock
December 17, 2023
$SNAP, the parent company of popular social media platform Snapchat, is showing signs of a significant breakout as a massive cup formation has formed on its daily chart. Traders and investors are closely watching this development, as it could potentially signal a bullish trend for the stock.
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Breaking Out of the Cup Formation
The cup formation, a technical chart pattern, is characterized by a rounded shape resembling a cup or a bowl. It indicates a period of consolidation followed by a potential breakout. In the case of $SNAP, the cup formation has been forming over a significant period, suggesting a strong base for the stock.
According to technical analysts, $SNAP has started to break out of the cup formation, which could lead to a significant upward movement in the stock price. This breakout is seen as a positive sign for investors who are looking for potential buying opportunities.
Filling the Gap
Another bullish signal for $SNAP is the recent gap fill on its chart. On Friday, the stock started to fill a massive gap, which is a price area where no trading activity occurred. Gap fills are often considered as areas of interest for traders, as they can act as support or resistance levels.
The gap fill for $SNAP is at 20.93, which is an important level to watch. If the stock can successfully fill this gap and continue its upward momentum, it could further strengthen the bullish case for $SNAP.
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Market Influencers
It is worth noting that the performance of $SNAP is closely tied to the overall market sentiment. As mentioned in the original tweet, other major indices such as $SPY, $QQQ, and $PYPL are also mentioned, indicating that the broader market conditions could impact the stock’s performance.
Traders and investors should keep an eye on the market trends and any significant news or events that could affect the overall market sentiment. This information can provide valuable insights into the potential future movements of $SNAP.
Conclusion
The massive cup formation and the gap fill on the daily chart of $SNAP are generating excitement among traders and investors. The breakout from the cup formation, coupled with the filling of the gap, suggests a potential bullish trend for the stock.
However, it is important to remember that stock market trends are influenced by numerous factors, including broader market sentiment and external events. Therefore, it is crucial for traders and investors to stay informed and monitor the market closely for any potential changes in the stock’s outlook.
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Huge cup formed here on the daily and appears to be breaking out.
It started filling this massive gap on Friday.
Gap fill = 20.93 $SPY $QQQ $PYPL pic.twitter.com/T9tyAfTIcD
— TradingTheTrend (@_TradingTrend_) December 17, 2023
Source
@_TradingTrend_ said $SNAP Huge cup formed here on the daily and appears to be breaking out. It started filling this massive gap on Friday. Gap fill = 20.93 $SPY $QQQ $PYPL
