Snap Stock- Snap And Castor Maritime Are Both Reaching Key Technical Levels
Snap Inc. (NYSE:SNAP) shares are trading higher Wednesday on reports the company acquired Screenshop as part of its e-commerce push. It looks to be breaking out of a pennant.
Castor Maritime Inc. (NASDAQ:CTRM) shares are trading lower, potentially on continued momentum and higher volume after the company priced its $125 million registered direct offering at 65 cents per share.
Below is a technical look at each chart.
Snap Daily Chart Analysis: The daily chart on Snap shows the stock looked to be forming a bearish descending triangle before it broke resistance, potentially changing the trend.
The stock was able to break above the line that connects the highs (red line) and the trend could change back to bullish. The stock needs to work its way up to the top of the channel.
What’s Next? Bullish traders would like to see the stock build higher lows up to the resistance level near $65. Consolidation above this level could bring about another bullish push.
Bearish traders would like to see the stock fall below support near $48. If the stock can fall below this level and consolidate, it may move lower.
Castor Maritime Daily Chart Analysis: The daily chart above shows the stock may also be forming a descending triangle.
For the stock to confirm the bearish triangle pattern, the price would need to fall below the $0.40 level. The stock crossing below this level with consolidation would be ideal for bears. It may bring about a further lower move.
Bullish traders would like to see the stock cross above the line that connects the highs. A strong push above this line with volume may indicate the trend of the stock is changing.
Both Snap and Castor Maritime are trading above their respective 200-day moving averages (blue), indicating both stocks have bullish sentiment throughout the year and this indicator may hold as support on the stocks.
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