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SNOWFLAKE DRNSNOWFLAKE DRNSNOWFLAKE DRN

SNOWFLAKE DRN

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S2NW34 trade ideas

Snowflake is Melting...If we zoom out onto the weekly chart here, you can see NYSE:SNOW is taking a clear beating, dropping 7.16% to $119.77. The stock has broke through key support levels, and the bearish trend is clear with descending channels signaling more downside. With increased selling pressure and volume spiking, it's not looking good, imo. If the support around $115 doesn't hold, we could see even more declines (especially with VIX over 20!). It's probably time to be cautious and watch for any signs of a bottoming action before considering any moves.
NYSE:SNOWShort
by pov_investor
1
SNOW Bull FlagSNOW has a nice looking bull flag here, but MSFT is still down after after hours. MSFT did have a bounce after the initial big drop when earnings were first released, but it's still putting a lot of pressure on SNOW for now. So it seems kind of hard for SNOW to break out while that's happening, but we'll see where things are when the bell rings tomorrow morning. SNOW has been very weak and it may gap down tomorrow off of MSFT earnings and if that's the case, I'd be looking for rallies to short. Best short opportunities would be if it gapped down and retested $129 or $133. For upside targets, I'd be looking to take profit on calls at the trendline above if it goes that way.
NYSE:SNOW
by AdvancedPlays
LULU & SNOW Short Recap - Finding Shorts in a Bull MarketI wanted to do a review of these trades to explain more about my thoughts and approach to trading. I am typically heavily focused on trend following and Dow Theory, but lately I have been fighting the trend, and of course that hasn't worked out well. However, I've adapted which is what this game is all about. I don't want to long these strong mega caps up here and I wouldn't short them either. So I've been looking for other markets and tickers to trade which has been going well. Hope it helps.
NYSE:SNOWShort
by AdvancedPlays
Snow pulling for correctionChart Features: Time Frame: 1-hour candlestick chart. Trend Lines: Downward trend lines indicating a previous bearish trend. A breakout above the downward trend line, suggesting a potential reversal. Fibonacci Retracement Levels: 23.6% at approximately $134.16 38.2% at approximately $139.93 50% at approximately $144.58 61.8% at approximately $149.24 Price Levels: Current price is $128.12. Notable potential upward targets: $131.71 $134.75 $138.88 Support and Resistance: Support around $126.16. Resistance levels aligned with the Fibonacci retracement levels. Analysis: Breakout and Reversal: The chart shows a breakout from a downward trend line, indicating a potential reversal from the previous bearish trend. Potential Targets: First Target: $131.71 – This could be the first resistance level to watch. Second Target: $134.75 – Aligned with the 23.6% Fibonacci retracement level. Third Target: $138.88 – Aligned with the 38.2% Fibonacci retracement level. Support Levels: If the price falls back, the first support level is around $126.16, followed by a stronger support at approximately $122.59. Key Considerations: Volume Confirmation: Look for volume confirmation on the breakout to validate the potential trend reversal. Market Sentiment: Consider the overall market sentiment and news related to Snowflake Inc. that might affect the stock price. Risk Management: Establish stop-loss levels to manage risk if the breakout fails and the price moves back into the previous bearish trend. This chart suggests a cautiously optimistic outlook for Snowflake Inc., with the potential for the stock price to rise to the identified targets, provided the breakout is sustained with good volume and market support.
NYSE:SNOWLong
by MoneyJumper