Leading social media company, Snap Inc (NYSE:SNAP), is coming under heavy selling pressure after reporting earnings that failed to impress Wall Street. Today, the stock is falling by 13.17% to $16.46 a share. The stock is now trading below it’s important 50-day moving average, which puts the shares in a weak technical position on the charts. The next major daily chart support level is around the $15.00 level. This is where the 200-day moving average is at currently. Should this level fail to hold as support then the next major support area is around the $12.00 level. This is where the stock broke out in June 2019 and will likely be defended if it retests that level. I’ll be waiting to see how the stock gets into these levels for potential trade setups.
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