SNAPCHAT BEARISH ON CSO STEPDOWN
Snapchat is currently trading at 9.75–lower by 1.31% from the last closing. It has closed in the negative, in 8 out of the past 9 trading sessions.
In recent news, Snap Inc. the parent of Snapchat messaging disclosed on Monday that its Chief Strategy Officer Imran Khan will step down, the latest top-level executive to exit the company. However, No date has been yet known for his eventual exit. Further back, the company’s finance head Andrew Vollero left the company in May and its vice president of monetization engineering, Stuart Bowers, also quit the company in May to join Tesla Inc.
On the technical front, RSI is currently at 22.63% and suggests that the market can move in the downward direction. The current price is below the MA5. The current price is below the middle line of the Bollinger bands and is heading upwards. The %K has crossed the %D from below to the upside at 4.02 and suggests that the market can continue trading sideways.
Overall Bias is negative and trades can be initiated with tight Stop Loss and Take Profit targets.
TRADE SUGGESTION-LIMIT SELL AT 9.80 TAKE PROFIT AT 9.50 STOP LOSS AT 9.95