In case you didn't know, Snapchat is a messaging and multimedia mobile application that lets you easily talk to friends, follow celebrities, view live feeds – stories – and discover news from around the globe.
Snapchat has recently caused a stirrup with its re-design. Some users are – obviously – protesting, unsatisfied with the new features introduced by the company's developers, while the curiosity in new users is pushing the download rate way up.
In the U.S. alone, Snapchat downloads went up 41% to 76% in the week following the redesign rollout earlier this month.
This once again proves that negative reviews are just as effective in causing big spikes and waves. How so? Luckily, most users are curious enough to try things out for themselves and not fully rely on the opinion of others before delivering their final verdict.
Let's have a closer look at what happened to Snapchat (#SNAP) in terms of share price!
Overview of Snapchat CFD Price
Bullish Marubozu Open Candle Configuration
The #SNAP stock has spiked heavily, leaving the bullish Marubozu open candle configuration in the 8h charts. The candle alignment – W 1-2-3 bullish and Marubozu open above Monthly L3 (M L3) – and Quarterly H3 (Q H3) levels suggest further bullish pressure. Marubozu open candle is a strong momentum candle, and traders might also trade the candle itself using the HVT method explained in the Price Action Trading School series. The 8h chart suggests a possible continuation from any of the two POC zones. The first POC 16.21-17.16 and the POC2 14.03-14.85 are zones where we could expect the price to bounce. The targets are 19.46, 20.37 and 21.62. Only above M H4, the price could close the gap between 21.89 and 22.81.
Admiral Markets Offers Snapchat Share CFDs and Much More!
Wishing you a fantastic weekend and safe trading,
Olga & Nenad