Oh SNAP! Levels and Thoughts

Snapchat IPO’ed today in 2017 (and probably 2016) largest IPO of the year.

It was priced at $17 and opened around $24.50.

SO many people are wondering why it is so expensive and why ANYONE would buy this?

That is a very good question considering I do not use this anymore, but guess what A LOT of people do. All we know right now is that it held the IPO price of $17 and held today’s low of 23.50.

Everyone will tell you that it is going to $10 or $15 and very BEARISH, including Barrons (http://www.barrons.com/articles/snaps-coming-ipo-looks-like-one-to-avoid-1486185088)

However that does not matter to me. The facts, as of now, is SNAP opened up and held the low of day.

The plan for tomorrow should be to watch $25.10. If it is rejected there then it can see lower and analyze at 23.50. If it gets above 25.10 and above the high of today it is hard to think lower.

See what tomorrow brings.

 

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