$SNAP Channel Support Long
$SNAP has formed channel up & is testing lower band of channel. If support holds, go long for retest of highs at $26.50.
One of my favorite basic strategies is relative performance. $SNAP has been a clear standout since September 3rd (first day of correction) - $QQQ is down over 12% while $SNAP is up over 3% (and at one point up 10%). In this sense I am looking for continued strength from $SNAP as an ex-index play - countertrend plays that are not trending with overall market.
BTO $SNAP 10/16 $25c avg $.85
$SNAP has formed channel up & is testing lower band of channel. If support holds, go long for retest of highs at $26.50.
One of my favorite basic strategies is relative performance. $SNAP has been a clear standout since September 3rd (first day of correction) - $QQQ is down over 12% while $SNAP is up over 3% (and at one point up 10%). In this sense I am looking for continued strength from $SNAP as an ex-index play - countertrend plays that are not trending with overall market.
BTO $SNAP 10/16 $25c avg $.85
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Please note potential cup & handle possibility (Also potential double top)
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10/16 $25s were up over 100% today and still holding.
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Target hit.
Calls were closed at $1.80 for over 100% profit
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