Snap may benefit from the TikTok ban. Trading idea 14/03/2024
The US House of Representatives has passed a bill to ban TikTok in the US due to concerns over the platform's ties to China. The Senate will next consider the matter. According to analysts at CFRA Research, Snap Inc. stands to be the primary beneficiary of a TikTok ban. The app's audience overlaps that of TikTok, which could allow the issuer to increase its active users and likely lead to higher ad sales volumes and company revenue.
Let's turn our attention to the stock chart of Snap Inc. (SNAP).
On the daily (D1) timeframe, a support level has been established at 11.11, with resistance forming at 12.65. As the quotes have rebounded from the lows of late February this year, we are witnessing the start of an upward trend.
On the hourly (H1) timeframe, long positions might be attractive upon breaking through the 12.65 level, targeting a short-term goal of 15.18. Maintaining a long position up to 17.92 could be considered in the medium term.
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Ideas and other content presented on this page should not be considered as guidance for trading or an investment advice. RoboMarkets bears no responsibility for trading results based on trading opinions described in these analytical reviews.
The material presented and the information contained herein is for information purposes only and in no way should be considered as the provision of investment advice for the purposes of Investment Firms Law L. 87(I)/2017 of the Republic of Cyprus or any other form of personal advice or recommendation, which relates to certain types of transactions with certain types of financial instruments.
Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 66.02% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Let's turn our attention to the stock chart of Snap Inc. (SNAP).
On the daily (D1) timeframe, a support level has been established at 11.11, with resistance forming at 12.65. As the quotes have rebounded from the lows of late February this year, we are witnessing the start of an upward trend.
On the hourly (H1) timeframe, long positions might be attractive upon breaking through the 12.65 level, targeting a short-term goal of 15.18. Maintaining a long position up to 17.92 could be considered in the medium term.
—
Ideas and other content presented on this page should not be considered as guidance for trading or an investment advice. RoboMarkets bears no responsibility for trading results based on trading opinions described in these analytical reviews.
The material presented and the information contained herein is for information purposes only and in no way should be considered as the provision of investment advice for the purposes of Investment Firms Law L. 87(I)/2017 of the Republic of Cyprus or any other form of personal advice or recommendation, which relates to certain types of transactions with certain types of financial instruments.
Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 66.02% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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