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  • Swing Trade Idea – (SNAP) – October 07, 2020

    Oct 07, 2020 Swing Options Tips Comments Off on Swing Trade Idea – (SNAP) – October 07, 2020

    Our bullish trade for Wednesday, October 7th is SNAP (SNAP Inc). SNAP is part of the Technology Sector (XLK). XLK has experienced a 2.1% loss in the last month and its 1M and 6M trends turned bullish on September 29th.

    SNAP has recently pulled back to an area of support providing a good risk/reward for a long position and its 6M trend turned bullish on September 9th. With a technical score of 10 (out of 10), SNAP is a very strong stock that will likely continue higher.  

    As a stop loss, if SNAP were to trade below $24 for multiple days, this would invalidate our analysis and we would focus on cutting losses on the trade. We would also consider cutting losses on this options trade if the value of the vertical spread moves below $2.30.

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