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SNOW March 24: Some Lessons Learned
Snowflake Inc.
Long
SNOW March 24: Some Lessons Learned
By longsonvn
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Mar 24
1
Cheer
Cheer
Mar 24
SNOW
was one of a very good acting stocks from the low of November 23, at around $145, it increased to $236 on Feb 28, 24. A nearly 60% run.
Its key moving averages (MA50/150/200) had been acting very well.
On Feb 29, 24,
SNOW
broke down hard violating its MA-50 on huge volume, after earnings.
The big gap down of -18% made it looks like a bargain. However, in the stock market, cheap is not equivalent to a good buy.
Even if we bought it on the low of that day, at the time of this writing (March 24) the stock went down another 12%.
Never bottom fishing.
Focus on the strongest stocks.
Trade only the stocks which are above its rising MA-50/150/200
Scale down before earnings is a good idea.
Chart Patterns
followthetrend
Trend Analysis
longsonvn
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