4SNOW trade ideas
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
SNOW - Bullish?NYSE:SNOW
Awaiting support confirmation then go for a long play and adjust stop loss accordingly.
SNOW below 297.09As funds sell the big winners this may have more room down, thin volume that can find support around the 270.00 area.
Head & shoulders pattern on SNOW.NYSE:SNOW
It looks like the neckline for this head & shoulders pattern has been broken.
Please be patience and wait for the price to drop to the highlighted demand zone, or even the measured level of this H&S pattern if you like this stock and wanna invest in it. (This is the most famous IPO in 2020 with blessing from Warren buffett:))
Alternatively if you wanna open a short position, the stop loss should be put above the right shoulder, and please expect the potential re-testing of neckline, it happens most of the time:)
Cheers.
Snow buy below 300If the price went under 300, I will personally buy a small possession.
I will buy more when the direction of the stock gets more clear.
Snowflake is a big and successful company, and I think it has alot more to provide in the "near" future.
SNOW LONG ENTRY GARTLEY HARMONIC BULLLLLLLLLL786 Gartley harmonic on SNOW. 4H bull div is already coming together quite nicely.
No snow for SnowflakeNYSE:SNOW is one of the most overpriced companies you can find right now.
After post IPo rally, stock is struggling lately with poor relative strengh to Nasdaq.
Potential breakdown of Head&Shoulders gives potential for new lows at $200 right now.
However, its not low risk entry idea, so prepare for some volatility.
Ready for next boom?Hi traders, this is my take on SNOW , I have no knowledge about fundamentals on this one, at all...
Always do your own DD.
We've had a little setback on this hot IPO, and it could look like we're setting up for the next big movement before the overall chill down of this stock.
I've drawn some rough estimates of how I believe future movements could be heading.
Hope this can help whether to set up a play on this one or not.
Have a good day.
