Kylie Jenner’s Tweet Costs Company $1.4 Billion Market Cap….Yeah Right!
Somebody opened the flood gates of idiocy recently, claiming a celebrity tweet caused the selling in SNAP. I guess those pundits haven’t studied market theory, or even better…taken my chart reading course.
Even Bloomberg couldn’t resist…
A couple things to note about $SNAP and the recent down move. First, the high was lost. If you don’t understand that concept, you can find it in my Advanced Charting Course. Losing the high has significant implications on the coming trend. Secondly, the chart was in an obvious distribution pattern, typically called a double top. The double top is not what’s important, but the bullish momentum offset by the distribution is important.