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Snowflake Inc.

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SNOW trade ideas

SNOW Falls, Then Melts Up! What's it Mean for IPOs?Yesterday was an interesting session for Snowflake, which reported decent quarterly results on Wednesday night. The data-mining disruptor initially fell on the news as analysts fretted over its high valuations. But then buyers came out of the woodwork and plowed prices to their highest close in almost three months. The result was a large bullish outside candle and a bounce at the 50-day simple moving average (SMA). The price action could be even more interesting for the broader “freshman class” of recent IPOs. Others including Palantir, DoorDash, Roblox and Upstart rallied after strong quarterly results. This follows several months of underperformance for most IPOs. Consider this chart showing improved relative strength in the Renaissance IPO Fund (IPO): Three things may be going on. First, the Nasdaq-100 outperformed before earnings season because everyone was focused on results from giants like Apple and Microsoft. But now they’re mostly off the radar until mid-July. Second, volatility is waning. That means correlations go down and stock picking goes back in style. Third, Robinhood is expected to go public before the end of June. That could focus attention back on IPOs, including newcomers like SNOW. In conclusion, the broader price action was already signaling a return to recent IPO stocks. Yesterday’s price action in SNOW – one of the most prominent last year – may further confirm the shift. TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
NYSE:SNOW
by TradeStation
1
Long $SNOW soon!SNOW has been on a downtrend since Dec 2020. However, the stock looks like it is turning bullish on the daily timeframe where 9EMA has crossed over 21EMA, a bullish reversal sign. Formation of ascending triangle on the weekly timeframe where 241.59 is a strong resistance level. Once it breaks above this level, we're looking at more potential upside. On the daily timeframe, the EMAs are coming up to support the price in the triangle, which is one of the indicators I look at indicating possible breakout of the ascending triangle soon. Breakout of triangle with good volume is the trigger for entry. PT1: 250.62 PT2: 264.02 PT3: longer term 300 SL: beneath triangle when price breakouts.
NYSE:SNOWLong
by Chartpatternz