 |
| Snap Inc. Daily |
A much anticipated listing sent this stock bolting in it's first two trading days however the fairytale start wasn't to be as the early birds and profiteers decided to cash in on the good run and eventually collapsed the price below $23.50, a significant point that marked the lowest price since it's listing at the time.
Since then we've seen much weakness entering the fray with not much support from buyers scoping in on a bargain at lower prices with the current rally reaching back up towards $23.75.
The RSI has begun to take shape and so far has yet to produce a reading above the all important 50 mark. There's a degree of flattening in the line of the indicator but it's too soon to say whether this assessment is valid given the short period this stock has been listed.
In saying that, should the price breakthrough the 50 level on the RSI as well as defeat sellers at the lateral line of polarity of $23.75, we could see a fresh attempt to reconnect with the previous all time highs.
