FEYE, FIT, P, SNAP, SQ, TSLA, UAA updates 05/02

FEYE: Reports earnings AMC today. The weekly chart below shows it has potential to respond well to its earnings release with a 3/c target to the mid-25s.  A break below $13.50 will take this Bullish count off the table and we should expect price to drop below $10 in that case eventually. For now, and not shown here, price is above its rising (!) 200d SMA and above its 20d to 50d SMA: Bullish. IF no position yet, better wait till after earnings to long (or not). If long already; it never hurts to scale out a bit if so desired and depending on risk tolerance.

feye weekly

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FIT: Also reports earnings today AMC, and has the potential to move higher as well. It may have struck its Cycle low last month at $4ish. Price is now gunning for its 200d SMA, which has flattened out.  There’s lots of positive divergences on all time frames and if reaction is good, and price moves back above its 200d SMA, it’s a buy IMHO. Stop as usual per own comfort level, or on a close below its 200d…

fit weekly

As you can see, even if FIT were to jump say 25% on earnings to say $7, and the cycle wave-2 low is in, than there’s still >1000% upside potential left long term. Thus it pays to be patient and not to worry about not nailing the low.fit daily

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P: Reports earnings AMC tomorrow 5/3. The daily chart shows price has been basing for months, which is a good sign, and is now starting to rally towards its 200d SMA. Also a good sign. However, the 200d SMA is still declining simple because price has not been above it for a long time. A move back above it would be a first and constructive sign of a long term bottom being put in place.

p daily

The wave counts shown in the weekly and monthly charts support the case for a possible Cycle-wave 2 low, but the streaming-music player company is not out of the woods yet as it can still subdivide lower (see monthly chart; grey iii, iv count). However, the weekly chart clearly shows the importance of the $7 level and when over come how far and quick price can rise (see 2013…)

P weeklyP monthly

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SNAP: Did an “ohhh snap…” yesterday due to disappointing earnings (no surprise IMHO since a “make funny faces app” can only do so much).  So far my blue ABC count I’ve had for some time is correct.

So what’s most likely to happen is a move down to the 76.4% retrace for starters at $9.21. We should see at least a bounce materialize from that level as it did at the 61.8% retrace. It may even seek out the 78.6% retrace at $6.30. But for now, the trend is firmly down once it closed below its 200d SMA and this once again shows why you’d want to sell when that happens… Ultimately a C=A relationship targets low $3s… Thus this is NOT a stock to own.

SNAP daily

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SQ: Also to report earnings AMC today. The monthly chart below suggest we may see a negative reaction as possible Primary III already topped. In that case, expect Primary IV to bottom around $35ish. The Bullish option -not shown- is a subdividing major-5 wave targeting high-60s. Hence, playing the earnings today may not be the best option of all. Already long? Maybe time to re-evaluate the position; rather safe than sorry…

sq monthly

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TSLA: Today’s heavy weight in the earnings camp. Two main counts on the table: a large leading diagonal Cycle 1 wave targeting mid-400s (orange), or TSLA already peaked (blue). In the latter case: intermediate-term we could see a B-wave bounce followed by a C-wave drop. At this point in time the C-wave target zone is very large as we don’t even know how high this B-wave will drop, etc. Thus it’s more illustrative than anything else; looking around 1 corner is already hard enough.

If price surpasses $360 I will move to the orange count fully. Hence, odds favor a positive reaction to TSLA earnings either way. I would never the less still not like to play it.

TSLA weekly

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UAA: Keeps moving in the right direction: higher and further away from the 200d SMA. It had good earnings yesterday and price fully recovered from the open. Thus the EWT counts shown remains operable with a likely target in the 22-25 zone for now. However, price may have put in a much more significant low as well: see weekly and monthly charts.

UAA daily

The weekly chart shows a nice triangle forming, with the top at $18.72/18.75; which was also today’s high so far. Clearly price needs to break above it and then it can target $26, based on symmetry (blue arrows), with resistance at the red down trend line. Note price has now moved and closed above its 50w SMA; a first since April 2016 and thus a significant positive development. All weekly TIs are pointing up, wanting too see higher prices.

uaa weekly

Possible big picture count. This also shows that nailing the bottom at $11s is meaningless as there’s from current levels still ideally >650% upside potential left for a Cycle 5 wave to target $120s… Hence, it pays to be patient and wait for the trend to reverse, which in this case was the move back above the 200d SMA. Thus for now, I remain Bullish in UAA, and a break and close above $18.75 would be very constructive.

UAA monthly