Can SNAP Price Recover In October?
Snap Inc.’s stock price chart elaborates on a consolidation of over two weeks and nearing the recent swing low. The stock price showed a weakness over the charts with bears gaining control when it slipped below the 50-day EMA.
The price trend analysis illustrates that the stock price surged from a low of $7.92 and made a one-way movement to reach a high of $13.89 thus gaining almost 50%. However, the stock price declined in the current quarter hence, wiping out all the gains.
The daily chart illustrates a sideways trend in the long term with the price hovering in a 50% range with major support at $7.90 and major resistance at $12.30. The range has been over 400 days with none of the bulls and bears dominating the overall trend in the long term.
Snap Inc. is headquartered in Santa Monica, California, United States, and is a camera and social media company. The company is yet to announce its current quarter results on Tuesday, post which it might see a new trend. The Wall Street analysts are estimating better quarterly results as compared to the last quarter. The analysts expect revenue of $1.11 Billion and earnings of -$0.241 Million.
Snap stock derivatives data analysis states that the current implied volatility in the market is 92.13% with an increment of 2.81% in the last trading session. The at-the-money strike price has 3,021 open contracts on the PUT side and 3,944 open contracts on the CALL side indicating the dominance of sellers at the CMP.
Snap Stock Price Forecast For 2023
The average analyst price target for Snap stock in 2023 is $9.78, which represents a potential upside of 13.33% from the current price. However, there is a wide range of analyst price targets from $6.50 to $15.00.
The most optimistic analysts believe that Snap stock could reach $15.00 in 2023 with an upside potential of 73.81% It is if the global social media Industry grows strongly and Snap is able to get new users.
Technical Indicators Signal Indecisive Trend At The Moment
The overall technical indicators including RSI and MACD opinion rating for the SNAP stock is an 88% “sell” with the strongest short-term outlook on maintaining the current trend.
Conclusion
Snap Inc. stock price illustrates a two-week consolidation near the recent swing low of $7.92. The stock price fell sharply after slipping below the 50-day EMA and persists in a bearish outlook for the current quarter. The long-term outlook shows a sideways trend with none of the buyers and sellers dominating the trend. The company is yet to announce its quarterly results post which it might decide a new trend. The analysts have a wide range of price targets from $6.50 to $15.
Technical Levels
- Support Levels: $8.32 and $7.92.
- Resistance Levels: $9.08 and $9.99.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
