$SNAP to Snap Out of its Fall or Not?

$SNAP to Snap Out of its Fall or Not?


July 2022


Alex Cole

$SNAP has been beaten down since hitting highs of over $80 last year.

Is this a basing pattern that we are now seeing after the last gap down.  GoNoGo Trend is still painting purple "NoGo" bars and so the weight of the evidence tells us that the "NoGo" trend is still in place.  GoNoGo Oscillator has risen to test and ride the zero line while price has gone mostly sideways of late.  As another GoNoGo Squeeze starts to build, we will watch to see if the oscillator gets rejected again by the zero line, in which case we would expect another attempt to take out the prior low.  If it is able to break back into positive territory the perhaps the "NoGo" trend will falter this time.