Selling SNOW at trend of lower highs.Snowflake - 30d - We look to Sell at 179.69 (stop at 191.11)
Daily signals are bearish.
The primary trend remains bearish.
The trend of lower highs is located at 180.
We look for a temporary move higher.
Preferred trade is to sell into rallies.
Our profit targets will be 151.11 and 141.11
Resistance: 165.00 / 170.00 / 180.00
Support: 155.00 / 145.50 / 140.00
Disclaimer – Saxo Bank Group.
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5Q5 trade ideas
Snowflake short term Covered Call before earningsI believe Snowflake will stick within its current downtrend channels until earnings date. Trend is down, and RSI / Volatility is settling.
I'm selling a Dec02 170 CALL option covered by my position which I hope to expire worthless on the Friday before earnings .
After earnings , I expect stock to rally outside the channels.
Snowflake ❄ Like all high P.E growth Tech this stock got a huge boost from lower cpi #.
Up 30% in 2 days, I think we pull back and Retest daily 21ema around 153
If we break below 153 then we retest 146 fib area.
Now if we bounce off 146 it would look like a formation of a right inverted head and shoulder.
So what I'm saying is , a short term pullback then a possible rally to 170-185 if this market rally persist.
Overall there's no catalyst for snow to go up other then following market pivot sentiment
SNOW WOLFE WAVE DAILYThere is a daily wolfe wave setup that triggered on November 11 on the day of CPI. The projected target is calculated by extending a linear line between pivot 1 and 4 and projecting the line. This is represented as the green perforated line, as shown in the chart. Projected targets are defined by identifying the apex of the wolfe wave and projecting a vertical line toward the green perforated projection tgt which is extending from left to right; however, the apex does not converge and as a result, identifying price targets short term should rely on moving averages or open gaps. The next major moving average is the 200 day ma which is 180.
SNOW ShortBounce back to supply Zone, Zone Confirmation
Trendline break
Earning: 8/24/2022 Est. -0.01
Short 139
Stop 157
Target 100, 80
Risk management is much more important than a good entry point.
I am not a PRO trader.
In my trading plan, the Max Risk of each short term trade should be less than 1% of an account.
#SNOW long ideaHello dear Traders,
Here is my idea for #SNOW
Wait for daily close above the yellow trigger line (previous month high) to enter trade.
We try to anticipate a 2-1-2 bullish reversal in the weekly chart and 2-2 bullish reversal in daily
Targets marked in the chart (black lines)
Invalidation level marked with red line
Good luck!
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