By Kris Sayce – Port Phillip Insider (Australia) –
The trend is your friend. So say prodigious and hapless traders alike.
In the case of Snap Inc [NYSE:SNAP] the trend was up for the first two days of trading — buy! But for the last one day of trading the trend is down — sell!
Technical analysts — of which your editor, thankfully, is not one — will often tell you to only watch the charts…nothing else matters.
In this instance, we think not.
After the overnight performance of Snap, the stock is now trading at its lowest point since listing last week. It is, of course, still above the US$17 initial public offering (IPO) price.
Not being an expert with Snapchat, or any other social media vehicle for that matter, we conducted a survey of one over the weekend.
That was with our eldest daughter. We tried to be subtle about it, but probably just ended up sounding like a senile old idiot. Our conversation, as we remember it: