In our May 4 review we wrote that, "Traders who went long SNAP ahead of earnings can continue to hold those positions. Add to longs or initiate longs on strength above $65. Risk a close below $55 for now. Our new price targets are $76 and then $100."
Let's see how the charts look now.
In the updated daily bar chart of SNAP, below, we can see that the shares have reached our $76 price target. Prices are well above the 50-day and 200-day moving average lines.
Trading volume is heavy, which is good. The On-Balance-Volume (OBV) line is bullish and the Moving Average Convergence Divergence (MACD) oscillator is quickly crossing to the upside for a new buy signal.