SNOW trade ideas
BIG MOVE COMING IN $SNOW?NYSE:SNOW Here we see a wedge pattern emerging in $SNOW with an upside move above 250 targeting the 275 area. Break below 228 could take it down towards 215 area.
SNOWFLAKE sticks to trendWith Earning in December, much of the movement/volatility to happen around then.
Target: $243-248I think SNOW could retrace Monday up to $272 (maybe 275) and should find support around $243. The next stop down looks like $216-220 if it doesn't.
Getting tighter after post-IPO baseRelatively quiet, consolidating price could make a strong break out of the range.
snow is coming early this yearSnowflake is not a stock I would trade because I see it more of a long term investment. however, I just wanted to do a technical on the stock just for fun. its getting ready to break out of the ascending triangle. before market closed yesterday there was a decent amount of volume which raised the price from 245 to 251. lets see where it goes from here.
Thoughts on SNOWTake alook as I am new to this :)
It's a young stock so I tried to map out the past using the 1Hr timeframe.
It seems like we are approaching a breakout and I've setup the closest resistance and support lines.
consolidation patternheyy guys,so SNOW seems to be in a consolidation pattern ,with support around the 230 zone and resistance around 255,it still seems to be digesting the listing gains ,once it breaks above 260 and holds it should rally ,lot of analysts have started reporting on the stock there median estimates are around 250 and high around 500 ,after this consolidation ends expect stock to rally or break down ,
p.s -i am long snow,
Too soon to know, but I am Bullish !?!?I was watching $SNOW from the sideline since its IPO in mid September.
Unfortunately from a technical point of view, it's difficult to make any speculation on where and when the stock will move next. However, I believe the stock is in a bullish position. Looking at the chart, I could possibly speculate on the following points:
1. Ascending triangle narrowing and setting up for a run. Since October the stock is trending down, but always staying above the lower trend support (hourly).
2. Stochastic turned bullish.
3. MACD at turning point.
4. Overall TECH sector has been on mini cycles, in which buyers step in for 1- 2 weeks to buy and than usually is followed by 3-4 days of sell off. IF you can get in on the right side of the cycle, you can ride up the bullish wave.. $SNOW seems to be getting in the buying part of the cycle.
5. Stimulus coming? If so, should positively effect the stock.
WARNING:
A. Stock market is reaching overbought territory.
B. Election is creating uncertainty, which in my view is causing part of this volatility. But to me it's more like we dont know what will happen, rather than OMG is going to be TRUMP or BIDEN presidency.
C. COVID-19 spiking again!
D. A major warning in itself, its and always been...wel.. you know... DONALD J. TRUMP :)
This is not an investments advice. Do your own due diligence before investing in any stock!
Happy weekend.
Snowflake about to break out?Snow just tested the support recently.
Price hold up strong, start to form bullish trend.
If it can break above $250, then the target is $290
Is SNOW/Snowflake going to be Bullish?Because lack of data I can not judge the chart precisely, but I believe it is more probable that price will go up after testing the support line.
Sorry folks, I won't be trading Snowflake for now.....Yes, the legendary value investor who likes to buy boring business like Coca Cola and P&G are now moving to the fast spaced cloud technology and even Snowflake IPO
Perhaps, he is aware times have changed and he needs to be more tech-centric towards selecting his stocks.
Well, beside for a quick punt, I am very unlikely or motivated to dabble in IPO stocks as mentioned in several of my posts. It is not the few hundred % wins that I am not drawn to. It is the quick gain that will whack my psychology upside down, driving my greed zone to the maximum.
The mind will be saying; "Wow, so easy to make money within a day.........just buy and at least 50-100% gain within a day, roll over a few IPOs , that is good enough!"
That is also how many got themselves stuck when they had their first puff at smoking. Just one stick won't kill me. But it catches on........and before you know it, you are down at the convenience store buying a pack for yourself ,smoking away and looking cool like the Marlboro man........
So long as you have a clear strategy, employ proper risk management , I suppose an occasional quick punt is fine. Just know when to pull back......
support levelthere seems to be a strong support around 235-240 zone ,the stock tested this support on multiple occasions and bounced back,if it breaks this support it might go towards 210 level,
cup and handle pattern?snow seems to be forming cup and handle pattern with major resistance around 260-265 $ zone,if it breaks out with good volume stock should go higher from there,early in today's session it tried to break out but was rejected
lemme know what you guys think or if im missing something
breakout for SNOW?so the hottest IPO for the year(arguably) debuted during a nasdaq selloff at a price around 260$,the price declined for the next few sessions reaching a low of 208 where there was good support for the stock, having bounced back sharply its almost at the debut level and shows a lot of strength ,the stock has been closing around the days high
price with good volumes ,RSI on the hourly chart is around 68 and movig averages look good,the techicals and fundamentals of SNOW look very positive but valuation is a worry,however i expect the stock to continue moving upwards due to the low flotation and heavy demand for the triple digit growth rates the company is showing,
my taget 350$ by early next year
SNOW/Snowflake will have another huge move if...Because lack of data, Im not sure if the triangle is going to be bullish or bearish. but whenever the triangle chart pattern breaks we will witness a big move on the chart.
