Looking bullish on SNOW within the week for a swing trade.Thank you as always for watching my analysis on SNOW. Please feel free to like, share, and comment on this post.
SNOW trade ideas
SNOW resistance and breakout?NYSE:SNOW has been suppressed compared to the rest of the AI stocks like CRWD, ZS, NVDA.
I think NYSE:SNOW will become a $400 stock most likely this year because there will be a FOMO rush on these companies once the SPX breaks this new ATH and makes a significant move up. If you time it right you could ride this thing to $400 but make sure it correlates with the overall market direction and use your judgement .
SNOWSnowflake Inc. is a cloud computing–based data cloud company based in Bozeman, Montana. It was founded in July 2012 and was publicly launched in October 2014 after two years in stealth mode. The firm offers a cloud-based data storage and analytics service, generally termed "data-as-a-service"
Multi-month base, potential breakout.
SNOW (Long) - Beautiful Technicals, Don't look at FundamentalsFundamentals
Really not here to admire the pristine fundamentals - the stock is severely overpriced with a price-to-sales over 20
However, having been at this for a while, for a 6-month horizon, the technicals, price and the momentum are the things to focus on
Regardless, NYSE:SNOW is an outstanding company with a very bright future. However, its price might fluctuate wildly over the coming years until its sales catch up with the valuation
For now, the technicals are the key...
Technicals
The longer a firm has been forming a bottom, the more excited I tend to get about a breakout
The price of SNOW has been oscillating around for a while, forming a basing pattern (pick any of the three names on the screen) and accumulating share demand and momentum
If everything goes well, the price breaks out cleanly over the resistance (black line)
Looking at the stochastics, momentum is strong and volume has been on our side for the duration of the most recent up leg - shown by the Chaikin Money Flow indicator.
However, considering my slight doubts about the overall market, I would shorten the horizon on this trade to 2-3 months - to hedge the best in case the market calls the investors' "soft-landing" bluff
Trade
I see two potential way s of playing this trade: (i) enter where the price touched the red-coloured line, catching the pullback and frontrunning the breakout (if you have a strong conviction) or (ii) wait for the actual breakout - best-case scenario is a long, fat green candle which sustains the highs towards the close and does so on volume
Given the first choice, stop loss just below the red line or the 19-day EMA. With the second option, the black line is the obvious stop
Failed breakout would be an obvious no-no for me and I would abort the trade and wait how the price action develops
Also closely watch the NASDAQ:QQQ , Snowflake likes to follow it and I have some worries about the sustainability of the tech rally
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$SNOW - just watch for nowNYSE:SNOW Snowflake had a good run. It is currently at a resistance and MACD just did a bearish cross.
I would not be chasing this stock. If it can break out above the current resistance, it can open the door for further upside.
But I believe it will have to consolidate or pull back here first before it can run further.
SNOW POTENTIAL INV HS.Simple pattern requiring a little patience in order to have proper confirmation before entering. Would like to see a higher low/shoulder formed then a bullish candle pattern signaling potential upside.
SNOW is in a macro correction - will move up to 390 firstSNOW is within wave B as a WXY of a larger ABC zigzag correction. It has already completed 5 waves down for wave A. Likely to complete wave B at 390 dollars before heading lower for a wave C.
SNOWSnowflake Inc. is a Data Cloud company.
Looks like a significant bearish flag. The company reported well, with growing revenue and investments in AI implementation.
It's a risky trade, considering the correction amidst the overall market adjustment.
tp1 175
tp2 143
SNOW Target $306SNOW broke through resistance and completed a triple bottom pattern.
Fundamentals seem good with positive growth expected in coming years.
May have a small dip to take support.
Expect to follow long term parallel channel and test 0.5 fib level.
Target $306
snow long position setting up nicely with a nice squeeze and higher timeframe consolidation
break and hold above breakout area and take to target 1 or 2
SNOW is rising this Winter ❄️Hello TradingView Family / Fellow Traders,
❄️ NYSE:SNOW has been stuck inside a big range in the shape of a symmetrical triangle.
🏹 For the bulls to take over from a long-term perspective , and the Markup phase to start, we need a weekly candle close above the 210 resistance.
Meanwhile, as SNOW approaches the lower bound of the triangle, we will be looking for short-term buy setups on lower timeframes.
📚 Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Richard Nasr
Price should go up if break 172 USD This is not recommendation just my idea what could happened.
If SNOW would break over 170, the price should reach 200 USD.
There is a support at 120-130 USD. Looks like acumulation, because of high volumens spikes whenever price reach this support.
In my opinion it's hihgly unlikely to price go over 200USD and below 120 USD without any additional cause/information/big event or big loss in earnings. This range seems to be solid.
To be honest, I would not invest in SNOW now. I would wait at 200 USD level to sell or buy at 120-130 level. Now... hm.. maybe buy is some option but with very tight stop loss.
Snowflake (NYSE: SNOW) Gradual Growth To SuccessFundamentals
Snowflake (SNOW) sells data analytics and management software that runs on cloud computing platforms. The company is evolving into a cloud data management platform.
SNOW stock is up 4% in 2023 after pulling back from bigger gains. The Nasdaq composite has jumped 29% amid buzz over generative artificial intelligence.
The company offers Snowflake Cortex, a new fully-managed service to provide access to large language models, AI models and vector search functionality.
When the company reported April-quarter earnings, Snowflake cut its full-year fiscal 2024 outlook. Snowflake lowered its forecast for product revenue growth to 34% to $2.6 billion from its earlier projection for 44% to 45% growth.
SNOW stock could get a boost from a recent multi-year expansion of its partnership with Amazon Web Services. Both companies will contribute to stepped-up marketing.
Snowflake has committed $2.5 billion in spending on AWS over the next five years as part of the deal. The two companies will expand strategic initiatives by developing industry solutions, deepening product integrations, increasing sales collaboration, and expanding marketing strategies. Snowflake and AWS currently have over 6,000 joint customers. About 84% of Snowflake customers run cloud workloads on AWS.
SNOW Stock: Biggest Software IPO
Because Snowflake's business model is consumption-based rather than subscription-based, bearish investors have raised concerns over a possible U.S. recession curbing demand.
Snowflake aims to enable customers to access and distribute data across their business ecosystem, thereby accelerating business intelligence and advanced analytics.
Snowflake stock pulled off the largest initial public offering ever by a software company in September 2020. The Snowflake IPO raised $3.4 billion.
Snowflake hosted a user conference and analyst day in Las Vegas in June 2022. The company said new products in app development, data security and other areas will expand its total addressable market to $248 billion by 2027, up from $90 billion last year.
Snowflake Stock: Consumption Business Model
Most software stocks typically trade as a multiple of forward-looking revenue growth. Snowflake is not a software-as-a-service, or SaaS, company that aims to build recurring subscription revenue.
At the user event, the company addressed concern over its consumption-based revenue business model. Snowflake revenue is tied to how much data its customers crunch and store. One issue is that usage could slow during a recession.
Another issue is that customers view Snowflake as expensive if they don't control usage. Some analysts say there's less transparency and predictability than with a subscription-based SaaS business model.
Snowflake Stock: Competition Increasing
Further, Snowflake stock hit an all-time high of 429 in early December of 2020. But SNOW stock swooned amid analyst concerns over its lofty valuation.
Competition is increasing. Salesforce (CRM) recently introduced Genie, a real-time data solution, that could clash with Snowflake at some point.
Whether Amazon Web Services or Google cloud ratchet up competition remains a concern for SNOW stock. Hewlett Packard Enterprise (HPE), with its GreenLake platform, is another rival.
Technical Analysis
We can see a Horizontal Trend Line forming a Head and Shoulder In Snow Inc. meaning the Stock is likely to swingle in-between the support and Resistance Zone Respectively.
Price Momentum
SNOW is trading in the middle of its 52-week range and below its 200-day simple moving
average. Investors are still evaluating the share price, but the stock still appears to have some downward momentum.
Bullish Alert on $SNOWNYSE:SNOW showing positive price action after a Bullish Alert.
Bullish Crossover at the test right now.
SNOW LongThis name is at an interesting point right now, consolidating right at the golden retracement zone from the recent high. I can get bullish here if macro outlook brightens, but tight stop loss should be enforced. At least worth putting in your watchlist to see if a buying thesis can materialize.
PS- Not Financial advice. Do your own due diligence.
Is Snowflake Melting Down?Snowflake fell sharply in early 2022. It drifted sideways for more than a year, and now traders may think the software stock is ready for another leg lower.
The first pattern on today’s chart is the double-top in June and July. SNOW has declined since, confirming the bearish formation.
Next, a series of lower highs following the double top has produced a falling trendline.
Third is the rising trendline starting in January. Prices have repeatedly pushed against this support since August, and now it may be breaking.
Finally, the 50-day simple moving average (SMA) rose above the 200-day SMA in early June. However, it failed to stay there and had a bearish “death cross” on October 9. Does that indicate a longer-term downtrend is resuming?
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$SNOW forming 200EMA base on dailyNYSE:SNOW forming 200EMA base on daily. Need time to let it settle down before seeing direction.
SNOW - 1hr TADaily = Red
1hr = Yellow
using a variation of FVG & Trends. I wonder if price will test these zones
SNOW looks bearishhi traders
let's have a look at SNOW
SNOW looks weak.
The price is still above the upsloping support but once it breaks down, it may be a good idea to enter the short position.
RSI confirms bearish bias.
Target is shown on the chart.
If the price continues bouncing from the orange trendline, the short idea won't be valid.
Good luck
$SNOW: Hailing at 160 Concerned about the action on SNOW here along with multiple other growth tech names. As it stands right now, I have doubts as to whether bulls will be able to weather a potential storm. Rate hikes may still be quite a distance off considering oil prices which may continue to put pressure on growth stocks in general. ARKK can be followed as a proxy.
SNOW: Sell ideaSell idea on SNOW as you see on the chart after the breakout with force the support line by a big red candle with a large red volume.Thanks.
SNOW: Buy ideaOn SNOW as you see on the chart we will have a big probability to have an uptrend after the breakout with force the resistance line by a big green candle with a large green volume.
SNOW (Breakout not yet active)SNOW here consolidating in a pennant for over a year
Breakout trigger is over 194. Set alert for 194, if we get a couple of closes above that there is a breakout here to 205 then 240.
This works both ways, as technically the trend going into the pennant was a downtrend, so by definition it is technically a bear pennant. However the breakout or breakdown depends on where the exit from the pennant happens, which for upside is 194, for downside is 135. If below 135 there can be a fire down into 100-110 area.
