S2NW34 trade ideas
SNOW, rejection of Gartley pattern, lower lows *with price conf*Hourly chart.
Please see chart for details.
Anticipating in advance large resonant pressure from Jan 08-Jan27.
There should be a price trend during this time period (prediction downward, but whichever way Jan 08 - Jan 27, I am not fighting that trend).
Jan 08 abruptly changed the last several days' uptick through the Gartley buy and trendline, indicating this period may be steady downward action.
SNOW making and outsized move today.This candle should attract some eyeballs. I would like to see a close at the highs today and then wait for a break of that candle for an entry. I have been watching the lower trend line for an entry area but it appears people are jumping in earlier then expected.
Let it snowSnowflake has been a widely discussed stock over the past couple of months due to its huge move right before and after coming public. The stock has given up a lot since the highs of November and has entered into the larger range from the highs and lows of September. I am going to take a shot a buy here/ within the green rectangle with a stop below $266. I am looking for a breakout above the range around $320.
$SNOW Snowflake Inc Reversal Setup
Snow reversal underway today we will see is it a
dead cat bounce or more sustainable.
Potential cautious entry above Pivot and 20MA @$299
Targets $349- Candle and Fibonacci resistance .
$366 Fibonacci golden pocket.
SNOW broke out of a Wedge consolidation pattern and has the pote01/07/2021 - SNOW broke out of a Wedge consolidation pattern and has the potential for a updard movement that is the full length of the base of the wedge. Potential 150 point move
Long SNOW finally? MACD heading upStrong day for SNOW and other tech stocks today, could be the start of a good run, MACD heading up outside of oversold.
SNOW may have found its bottomSNOW fell about 37% from ATH, a move that was catalyzed by the H&S break out. It is currently finding support for the 3rd consecutive day on the .786 fib retracement level. I added a few more shares to my position here with a very tight stop loss in case it continues to move down. Stochastic is curling up, which signals a potential change in the trend. Seems to the a good place to start a reversal, even if it turns out to be a slow one.
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***THE IDEAS SHARED HERE ARE MY OPINION. THIS IS NOT FINANCIAL ADVISE TO PLACE TRADES. PLEASE DO YOUR OWN RESEARCH AND ANALYSIS BEFORE BUYING/SELLING STOCKS.***
Rocky road ahead for SNOW?SNOW is currently trading below its 9 EMA and forming a broadening triangle pattern on its chart. Current levels could be signalling a bull trap.
Closest resistance is $290-$291 level.
Considering the second lockup period ending on Thursday, it's safe to say that we may after all see some selling. However, keep a lookout for a break of $284, which would break the current pattern and retest resistance at $290.
Don't worry if we see some selling as it could give us an opportunity for buying into the long-term. Short-term, the stock has to calm down.
You could buy puts at market open as follows:
For this week's expiration - BTO 8 Jan 2021 $260 Put (highest volume) ($1.5)
For next week's expiration - BTO 15 Jan 2021 $260 Put (more expensive compared to weekly expiration) ($4.5)
Both trades are equally high risk/reward
Good luck trading!
Snowflake ready to bounce!Snowflake is approaching an important level. If it nukes through our green box, idea is invalidated. Two red lines are resistance, although there's a good chance of breaking them all
