Kylie Jenner Causes SNAP Stock Sell Off? NO!
SNAP Sell Off Wasn't Caused By Kylie Jenner
As usual with the mediaurr, the need to create a story and get clicks has trumped genuine knowledge once again.
Yesterday there was news of a sell of in the SNAP stock being caused by a Kylie Jenner tweet.
But if we look at a chart, what do we see?
- SNAP "gapped up" on high volume, which is usually a great sign, but...
- The RSI shows it quickly entered into overbought territory (BAD)
- After correcting, a bearish divergence can then be seen on the RSI as it weakened, and then...
- The MACD crossed bearish, giving a sell signal.
In Short (pun intended)
Just like the post I made about the stock market sell off, the media is looking for someone, or something to blame. But if we look at the charts, it's clear the correct thing to do, no matter what some celebrities actions on Twitter were, was to short SNAP because the indicators were telling you to.
Kylie Jenner wasn't the one to blame, whoever she is, but I guess charts just don't get the clicks...