Snapchat (SNAP)
By Thu, Aug 26, 2021
Today’s Chart of the Week comes directly from our powerful Under the Hood report.
This scan shows unusual increase in investor interest from options activity, insider transactions, increased volume, and numerous other data points.
We then hand select the best risk/reward opportunities from that report, and this week that has to be Snapchat (SNAP).
It’s a $115 billion communications stock that looks ready to break out.
We like SNAP long above that 69 level with a target of 110, for a potential 59% profit.
Til next week, good trading,
JC Parets
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About the Author
JC Parets, founder of All Star Charts, specializes in finding the most opportunistic risk vs. reward propositions while at the same time bringing a top/down approach to the marketplace whose wide spectrum is rivaled by few. JC begins with a long-term global macro perspective and then works his way down to the individual sector and industry level before ultimately isolating the stocks that best portray a particular thesis. Price is the most important technical indicator, but JC uses supplements such as Momentum, Relative Strength, and Fibonacci analysis to complete the process.
