Overbought

Snapchat is overbought in the short term and indicators are showing a steep decline.

First: MACD shows weakening bullish divergence

Second: D+ shows high levels of bearish divergence

Third: RSI is 71.62 indicating that the stock is overbought

Fourth: Candle bodies are getting smaller as price increases showing that bullish volume is decreasing as price increase, and in order for bullish volume to increase, price needs to decrease.

Think of SNAP needing a mini correction. I believe we will see this correction during the second half of the week.

Comment your thoughts below! Leave a like if you agree and make sure to follow