RDDT, META and SNAP Forecast – Major Stocks a Bit Quiet in Premarket

RDDT Technical Analysis

The stock for Reddit looks as if it is going to open up pretty much where it closed during the previous session, as we are testing the $105 region, which of course is a area that has been in support for a while. So, with that being said, if the market were to turn around and rally from here, the 200 day EMA near the $115 level needs to be paid close attention to. With that being said, if we can break above there, then I think Reddit could go all the way to $140.

There is still a massive gap that needs to be filled, and some traders will look at it through that prism and it’s possible we could drop as low as $80 before filling it. Because of this, I think we have a situation where there is a lot of noise just above, but we are starting to show signs of a bounce. Early days though.

META Technical Analysis

Meta has the 200-day EMA front and center right now, and as a result, I think you have to be somewhat cautious. If we can turn around and take out the 200-day EMA to the upside, that allows Meta to go back to the $631 level, which is where the 50-day EMA is. If we break down below the bottom of the candlestick for the trading session on Tuesday, then the market more likely than not will dump towards the $520 level, maybe even the $500 level.

SNAP Technical Analysis

And finally, Snap looks as if it is trying to bounce from an extreme low, there is a lot of support near the $8.25 level, and as a result, traders will probably continue to look at this as a floor in the market. Quite frankly, if we get below $8, that could be disastrous. So, pay close attention to this. A bounce from here could be imminent, but recognize that the 50-day EMA near the $10 level is going to continue to be a major problem and therefore we need to pay close attention to whether or not the market could ever break above there.