SNOW trade ideas
$SNOW | Snowflake Inc: Bullish Falling Wedge Breakout$SNOW broke out of a bullish falling wedge.
I will be looking for longs targeting of $340+
This technical setup is similar to other successful longs setups I have traded recently on $ETSY and $WMT (see below)
SNOW - Time for SNOWSqueeZeWe should see a monster move from SNOW this week if market holds up. There is a massive short float ratio currently and it looks like we've completed our A-B-C corrective cycle.
Expecting to see 360-362 PT reached this week, with potential continuation to 400+ by mid-February at the latest.
Called bottom on SNOW last week; now found support on the 50-emaSNOW started a reversal after hitting a fib retracement level mid last week, where I called the bottom (see linked chart) and bought some shares. Here is a summary of the current chart and my trading strategy:
BUY SIGNALS
1. +DI crossed above -DI (green line above red line) and ADX line (white) is flat but starting to curl up after the drop (signals a trend may be about to start; an uptrend in this case).
2. MACD curling up
3. Support on 50-ema, which coincides with the .618 fib extension. Seems to be strong at the moment.
TRADING STRATEGY
Now, it is not because these indicators are pointing to a bullish move that that move has to happen, after all there is only so much the charts can tell us. So to protect your capital (if you buy), you could buy at current levels with a tight stop loss just below the .5 fib level, around $293. Take into account there is support on emas on lower time frames (4hr and 1hr) between the current price and the.5 fib level so those could potentially hold the price if it breaks below the 50-ema on the daily chart. That is why you want to place your stop loss below those moving averages so you are not stopped out too early. That's what I am doing anyway. If the price falls and still triggers your stop loss but then bounces back up you can always jump back in if indicators and volume point to and upward trend. If the price continues going down you are saved from further losses. This is as minimal risk as it gets.
OTHER CONSIDERATIONS
1. Also keep in mind that millions of new shares were release from lockup last week so there may be more sellers waiting the price to move up to unload their shares. However, because we are right on support, this trade would present minimal risk if you place your stop loss accordingly.
2. Also, this analysis is contingent on how SNOW opens tomorrow. If it opens way below the current price or way above, the trading strategy might need to be adjusted. Please use your diligence if either scenario is presented.
Safe trades!
***If you get anything out of this TA, please like and follow for future updates and more TA. Thanks a lot!***
***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.***
Why is waiting better than FOMOING?If you would only watch the 1-hour chart, then you would say it is a very good entry point, because of the high volume breakout.
But if you take a look at a higher timeframe, then you would notice that we only backtested the previous bearish pattern (Head and Shoulder).
So in any case like this, I suggest you sit back and wait for a confirmation.
Such a confirmation could be a gap-up opening on Monday, with a lot of participants.
A bearish sign would be, low volume tanking on Monday.
Summary:
At this moment it is truly neutral.
A lot of bearish and bullish signs occurred.
Can it regain lost ground?I was able to take some shares long at $299, i think this can recover and head back over $325 this week.
$298.16 - 306.53 looks like a really good value area
This is my first trade with SNOW, I do really like the company long term, and until the sell off I would have seen a run towards $360 for Feb.
$SNOW - swing idea Trade plan:
* $300-$306 - once in the strong value area, accumulate
* $333.70 - once above the strong support, add more
* Review momentum/volume at $365
* Exit when buy-volume decreases $365-$395
$SNOW has falling wedge pattern.
I started accumulating commons, all the dips under $300 on Friday 8 Jan, 2021
This is an IPO. By their very nature, IPOs are more prone to chaos.
Channel $350Validated support at the 50MA ($298). Looks like we can expect an upside to 350+
RSI showing a nice bullish divergence.
Good luck!
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.
***If you get anything out of this TA, please like and follow for future updates and more TA. Thanks a lot!***
***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!
