Snap stock rockets after Q2 results beat expectations

Snap (SNAP.US) stock surges more than nearly 25% after the social media company posted surprisingly strong quarterly results. The company which developed and maintains technological products and services, namely Snapchat, Spectacles, and Bitmoji earned an adjusted 10 cents per share in the latest quarter well above analysts' expectation of 1 cent per share loss. Revenue also topped market estimates. Company also reported higher-than-expected daily user metrics and issued an upbeat revenue forecast.

Snap (SNAP.US) stock launched today's session with a massive bullish price gap and reached a new all-time high at 78.70 after which price pulled back slightly towards the earlier broken upper limit of the wedge formation which now acts as the first line of support. Source: xStation5