Snap stays flat - Analysis - 25-05-2023

Snap's stock traded little changed in the intraday levels after hitting the resistance of 9.80, while touching the resistance of the 50-day SMA, as it retested the upward correctional short-term trend line, with negative signals from the RSI after reaching overbought levels compared to the stock's movements, hinting at negative divergence. 

Therefore we expect the stock to decline and target the first support at 8.90, provided the resistance of 9.80 holds on.

Expected trend for today: Bearish