Snap Inc. (SNAP) reported their latest quarterly figures Friday morning and traders and investors are reacting to a "miss". Let's check out the charts and technical indicators.
In the daily bar chart of SNAP, below, we can see that the shares made a choppy top pattern back in late July to mid-October. Prices gapped lower in late October and started a decline into late January. The shares bounced in February and March but made lower highs as traders sold the rallies. SNAP is trading below the declining 50-day moving average line and the declining 200-day moving average line.
The On-Balance-Volume (OBV) line has been pointed down since September and tells me that sellers of SNAP have been more aggressive than buyers. The Moving Average Convergence Divergence (MACD) oscillator has been below the zero line since October telling us that the trend strength is weak.