MomentumOptions.com Profit Alert (SNAP) for 8/6/2024

8:50am (EST)

We have an overdue Profit Alert this morning as shares of Snap continued their pullback on Monday to trip our Limit Order on the remaining half of the trade. Shares are oversold after testing a fresh 52-week low and RSI at 13.

Profit Alert!

Snap (SNAP, $8.71, down $0.65)

SNAP August 14 puts (SNAP240816P00014000, $5.40, up $0.09)

Entry Price: $0.70 (7/17/2024)
Exit Target: $5 (Limit Order / closed half at $2 on 7/30)
Return: 400%
Stop Target: $4 (Stop Limit)

Action: The Limit Order to close the remaining half of the trade at $5 was triggered on Monday. The puts traded up to $5.90 on the stock’s intraday tumble to $8.30. The average closing price was $3.50.

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