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- 1 SNAP stock price surged approximately 11% on a single day.
- 2 Snap Inc. stock price broke out of the 50-day EMA and sustained.
- 3 Snap Inc. has scheduled next quarter earnings on October 24, 2023.
SNAP stock price reversed upward and shot up 11% in a single day. It formed a giant bullish candle with a high buying volume. It indicates some big players are building up positions ahead of earnings.
Snap Inc. stock holds $9.00 support and managed to push the price above the 50-day EMA. It showcases the short-term trend has reversed upward and bulls seem to be returning back to the track.
SNAP stock price recovered about 17% from the recent swing low. The price action indicates that the recent up move looks reliable and bulls are preparing for the next attempt to break the $10.00 hurdle.
In the last three months, Snap Inc. share price traded with a bearish bias and corrected 40% approx from the 52-week high. The stock price declined by forming lower low swings and eroded a big portion of its market capitalization.
However, at present, the SNAP share price is near its long-term swing low support. So, it will be difficult for the sellers to pull the price further down.
SNAP stock price closed the previous session at $9.72 with an intraday rise of 11.98%. The market capitalization stands at $15.77 Billion.
Will SNAP Stock Break $10 Hurdle of Earnings?
SNAP stock price showed a decent bounce from its long-term support and attempted to break the $10.00 hurdle. If buyers succeed in breaking the hurdle, then a sharp rise towards $12.00 is possible.
Snap Inc. is expected to release its quarterly earnings on October 24, 2023. Prominent market analysts estimated an EPS of -0.241 and revenue of $1.111 Billion.
If the company succeeds in beating the EPS and revenue estimates then SNAP stock might react positively and may fuel the rally. The technical analysis suggests, the SNAP share price is turning bullish and the probability of a $10 breakout remains high.
Will Snap Inc. Stock Price Give Follow-Up Momentum?
Snap Inc. stock price formed a bullish marubozu candle in the weekly chart. However, it will be interesting to see whether the buyers are able to give the follow-up momentum or not.
Quarterly earnings are scheduled next week so volatility may rise. Due to this, a fake breakout and breakdown might be visible. So investors must be careful and wait for the breakout confirmation before building up the fresh positions.
The technical indicators MACD and RSI curve both pointing upward. It denotes the strength as well as confidence of bulls and more room for upside is open.
Conclusion
SNAP stock price reversed upward and shot up 11% in the previous session. The upmove looks reliable so the probability of the $10.00 breakout remains high.
Moreover, quarterly earnings are scheduled for next week which will decide the short-term direction.
Technical Levels
- Resistance levels: $10.59 and $11.40
- Support levels: $8.30 and $7.40
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
