And now let’s move to today’s stock of the day and take a look at Snap Inc., better known to traders as Snapchat. From a technical perspective, the picture here is clearly negative and structurally well defined.
On the daily chart, Snap recently formed a descending triangle pattern. This is a classic bearish formation, characterized by a horizontal support level and a descending trendline reflecting lower highs and persistent selling pressure. Toward the end of January, price repeatedly attacked this horizontal support, signaling that demand was weakening. At the beginning of February, that support finally gave way, triggering a clean breakdown.
Since that breakout, price action has been decisively bearish. Each session has confirmed follow-through to the downside, with selling pressure accelerating rather than fading. From the moment the support was broken, Snap has already lost around 24%, which underlines how significant and technically valid this breakdown has been.
Given the speed and size of the decline, the move is now stretched, and the risk of a short-term bullish correction is naturally increasing. A pause or corrective rebound would not be surprising from a tactical point of view. However, any such upside should be treated as corrective only.
From a broader perspective, the long-term technical sentiment on Snap remains clearly negative. The descending triangle has played out as expected, structure favors sellers, and unless price manages to reclaim the broken support decisively, the path of least resistance remains to the downside. In this context, the expectation is that Snap will continue lower and is likely to print new long-term lows in the coming sessions.