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Social Media Name Forms Coiled Bull Flag After Earnings Gap Higher

by | Jun 16, 2024

Snap (SNAP) shares have been forming a solid bull flag the past month as it sees MACD crossing bullish now and holding above key support of 15.00. A break higher above 15.75 likely sees a quick move to 16.60 value highs while a bigger pop above that should see a breakout into the 18 level. SNAP has seen plenty of bullish flow recently including 500 December $22 ITM puts selling to open at $7.25 while still has over 7500 June $15.50 calls in open interest expiring this week and the buyer from 5/31 still holding.

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