CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Video Snap Inc Forms Bull Flag Just Off Its Highs

Article By: ,  Financial Analyst


Snap may be a long way from it’s record highs, but its 167% rally from December’s low is not something to look past. The trend structure is clearly bullish and prices are now using the 8 and 21 exponential moving averages as dynamic support. And Wednesday’s candle was its most bullish in  weeks to show momentum is starting to realign with its trend.

Since finding resistance at $15 last month, Snap has continued to consolidate within a potential bullish flag formation. And, given the strength of the underlying trend, and the fact that forward returns tend to favour the S&P500 once it closes at new highs, we expect this to break higher in due course.


Related analysis:
US Indices Closed At New Highs: Do We Hold Or Fold?


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