Oh, Snap! How Much More Can the Stock Slide? The Chart Be Hints

Oh, Snap! How Much More Can the Stock Slide? The Chart Be Hints ...

Get Snap, Inc. Class A Reportstock is being buried on Tuesday, down 42 percent at last check.

Is there a bad earnings outcome? Is there a bad growth on the Snapchat platform? Negative. Instead, Snap provided a worse-than-expected intra-quarter update on its business.

The company said revenue and adjusted Ebitda would fall below the low end of its recommendations, claiming that since we released guidance on April 21, 2022, the macroeconomic environment has improved much more and faster than previously.

The stock has dropped to new 52-week lows and its lowest level since April 2020, according to reports. It has dropped 84% from its all-time high, and investors are concerned how low the price will go.

The news is affecting everything from the general market for what it is.

Other industries in the industry are getting hurt, too. Alphabet (GOOGL) - Get Alphabet Inc. Class C Reportis down more than 6%, while Trade Desk (TTD) - Get Pinterest, Inc. Class A Reportis down 20%. Meta (PINS) - Get Meta Reportare down 25% and 9% respectively.

Trading Snap Stock

Snap stock is stock stock a weekly chart.

TrendSpider.com has created a chart.

This is one ugly chart, with Snap stock on Tuesday all but cementing its eighth weekly decline.

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Economist Rosenberg says stocks will fall even more.

Investors should pay attention to certain levels from here.

First, it''s hard to to not look at the $10 level purely from a psychological perspective. I do not know that well get that low, but there are some decent support levels at this point.

There are no retracement marks, no moving averages, and VWAP measures no.

The lone conclusion you might draw is the 161.8% downside increase, which comes into play at $13.46. That, however, is more of a general objective than anything else. It''s certainly not a reliable level of support.

The traders will likely need to be patient to see if we can get some sort of consolidation after this fall.

If we get a complete breakdown, it''s not impossible to retest the covid lows from March 2020. I don''t think that would be fair, but my opinion on what''s fair does not matter to the market.

On the upside, $20 will be a key area on the bounce, as will Snap stock''s short-term daily moving averages.

Keep an eye on the previous 2022 low, which is expected to have a total of $24 in January. Above that, and the declining 10-week moving average might put the $28 to $30 area and the 200-week moving average in play.

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