SNOW - Breakout Ahead Pt 2. A more in-depth video look into the SNOW breakout idea I posted last night.
Happy Trading :)
SNOW trade ideas
Snowflake - going to miss the earnings?!Today, Snowflake’s earnings are due, and it’s an important event to watch. Looking at the stock’s history since its debut on the New York Stock Exchange in September 2020, we can identify a crucial zone that initially acted as support but has since turned into a resistance zone.
We’ve seen attempts to break above this resistance at around $210, but these have been unsuccessful, with the price falling back below this level leaving behind an earnings gap. Currently, we have what can be referred to as the "Mother-of-all-Trend-Lines." These are two trendlines running parallel, forming a channel that has been critical in maintaining the chart’s structure.
This channel is crucial for holding the overall trend of the chart. For Snowflake to realize its upward potential, it needs to sustain these trendlines and break above the resistance zone at $210. Successfully flipping this resistance into support, particularly with the support of the high-volume node, is essential for a push upwards, unlike what happened at the beginning of 2024.
While there is significant upside potential for Snowflake, it will take time. The stock must not only hold the "Mother-of-all-Trend-Lines" but also convincingly break and maintain the $210 resistance level.
A closer look at Snowflake reveals that the high-volume node (HVN) plays a critical role in the chart's overall structure. The upper edge of this HVN has worked with the resistance zone, serving as a strong resistance point. Meanwhile, the lower edge has acted as a solid support line, holding up the price on four occasions.
We could see another test of the Point-of-Control (POC) before potentially moving higher. There's a significant earnings gap of approximately 14% that needs to be closed. According to typical charting techniques, all gaps are eventually closed; the question is only when.
We believe that this gap will be at least tested. Whether it will be fully closed depends on if the resistance zone around $210 can be flipped into support.
If Snowflake fails to flip this resistance, we might only see a gap test followed by another sell-off. The situation remains uncertain, so we plan to stay on the sidelines for now, closely monitoring the developments. We will observe how the stock behaves around the POC and the resistance zone to determine our next move.
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SNOW iH&SLow timeframe iH&S has formed since the previous earnings
entry: accum when confident, add on breakout
exit: 1.618 + measured move 178-187
stop loss: <R Shoulder 154
NFA
Am I the only one seeing this obvious SNOW breakout signal?Hello to anyone new to my analysis - I’m typically a video person because it’s hard for me to truly share the story of a chart like I do in my videos in a plain form such as the one I’m attempting here.
(No disrespect for those who don’t like videos! I just want to share knowledge if it helps anyone).
Anyway! We’re looking at a daily chart here and there’s quite a clear head and shoulders forming which created beautiful left shoulder liquidity and is in the process of building the second as it attempts to break out. For those who don’t trade “chart patterns” - they are simply an alternative way of seeing how the internal workings of the market are playing out. For example, Similar to a h&s is a cup and handle which is where we have price that more sellers than buyers agree on. This creates a “resistance level” similar to the pink one we have on the chart. The ensuing drop is simply to allow 1. Sellers to enter the market, set stop losses above the resistance level, and eventually take profit and become buyers again. I.E. LIQUIDITY! Liquidity is that building of buy and sell orders, limit orders, stop losses, take profits, etc. so that when we finally have enough buyers in at a high enough agreed upon price, large “institutional” buyers can return to that “resistance level” and smash through it - hitting stop losses, creating new buyers, and there you have a breakout!
Sorrry for the tangent - even though my trading is almost fully based off of technical analysis and what money would just call trend lines - what it really is built on and what I teach all to my students first is market dynamics and how and why all this movement happens - and then, with what I’ve studied and built over the past few years, I can analyze a chart and identify when there moves will happen and where we can see them going before market dynamics/i.e more liquidity is required for further movement. It’s a fun and simple game. I dont go into it in depth here on this analysis but that’s what you will find in my video.
Back to SNOW - we can see clear TAPERING happening - the key to all reversals - from red selling to yellow more tapered selling. Meaning, sellers intention is weakening and we can activate a buying continuation such as the white or green to grab all the liquidity and break us out to the upside.
Of course we will need to activate a strong buying continuation to make real movement and I will be doing a much more in depth video on this tmrw to understand what a confirmation and entry could look like here. Currently retesting a breakout of strong selling red so let’s see if we can an activation and confirmation of white. There are lower time frame signals that I will go through in my video that are signaling that happening so that we will be able to get a pinpoint entry trade as we’re always looking for.
Thanks for checking this out hope it was helpful - as always I’m happy to connect with anyone who has further questions or recommendations. And of course this is for educational purposes only.
Please check out my videos for furthrr analysis like this and much better!
Happy Trading :)
Possibly something to look for prior earning SNOW is bottoming out, making higher lows and higher highs. I think a reversal is confirmed, however, be cautious as we are heading into earnings. Also there's a gap to fill from the last earning drop, if after next earning we surpass our high for last earning drop that gap could be filled.
Looking extremely bullish for SNOW!🔉Sound on!🔉
Thank you as always for watching my videos. I hope that you learned something very educational! Please feel free to like, share, and comment on this post. Remember only risk what you are willing to lose. Trading is very risky but it can change your life!
$SNOW Looking goodNYSE:SNOW Looking good! There is overhead resistance which is convergence of vwap and 200 DMA around $169 to $171 area. 👀
If it can overcome that area, it can run to $180 to $183 area.
$SNOW nice looking technical setupI like this kinda cuppy thing SNOW got going on, they got ER next week though.
SNOW - Another Trend Break & Retest Long IdeaSNOW gapped up over a descending trendline today and has held on a retest. If it continues moving lower, I expect it to hold again.
SNOWFLAKE $SNOW | Potential Scenarios and Key ObservationsNYSE:SNOW
Currently, SNOW is in an upward channel but has experienced strong movement to the downside. It is now trading below the 200 SMA trendline.
It's important to note that SNOW is currently oversold, and an RSI divergence has occurred within this oversold area.
My indicator also reveals that shortly after an oversold RSI divergence occurred, the price reacted strongly to it.
Nevertheless, I would like to see one of two possible next moves before considering a long position.
Scenario 1:
SNOW rebounds, tests the 200 SMA, gets rejected, and heads towards the bullish gap below the current price. In this area, I would like to see a strong reaction, possibly indicated by a significant spike in volume accompanied by a rejection candle.
Scenario 2:
SNOW falls directly into the bullish gap below and strongly rejects this area. In this scenario, I would like to see the gap closed by a candle with an above-average wick rejection and a spike in volume to confirm buyer commitment.
In terms of the bigger picture, although the stock price is in a small upward trend, movements in both directions have similar strength. Volume spikes occur when the price reaches either the upper or lower level of the channel.
SNOW Descending Wedge Long IdeaSNOW looks like it is ready to run up into earnings and some of its conferences where they plan to announce plans for the future, NVDA will be a part of it. SNOW has shown some weakness the last 2-3 days, but the long term picture is still bullish unless NQ rolls over.
Snowflake Ascending Channel bound, with upside potentialHi guys! So always looking for opportunities in repeating patterns/ macro developments.
SNowflake (SNOW) particularly stuck out.
This analysis is conducted in the 1 day timeframe.
Since June 2022, SNOW has been in a Ascending Channel with consistent Higher low prints.
This shows a reoccuring pattern of everytime we've made our way to the bottom of the channel to test Support, we've had bounces to the Upside.
We've had roughly 4 major moves highlighted with returns ranging from 40% to 80%.
We have in April made our way back to test Suppport on this channel.
Currently up roughly 10%.
We are also Above the 21 EMA, maintaining Support.
This is also a reoccuring sign of a rally to the upside.
Currently our 21 EMA is curving to the upside. The rallies that have occured in the past from touching the support line of channel have shown this sign as well.
FOllowed by a Golden cross, where 21 EMA maintains its position above 50 SMA.
Look for this signal to appear.
There is also potential for another test of Support on the lower border of channel. Keep this in mind as it is seen when you look at the previous data.
Remember it is bad practice to trade using a single indicator or tool. Always try to find overlap of signals. Look to updates ont his idea for more evidence to make informed decisions.
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Thank you for taking the time to read my analysis. Hope it helped keep you informed. Please do support my ideas by boosting, following me and commenting. Thanks again.
Stay tuned for more updates on SNOW in the near future.
If you have any questions, do reach out. Thank you again.
DISCLAIMER: This is not financial advice, i am not a financial advisor. The thoughts expressed in the posts are my opinion and for educational purposes. Do not use my ideas for the basis of your trading strategy, make sure to work out your own strategy and when trading always spend majority of your time on risk management strategy.
SNOW - short term uptrendAfter crazy carnage on earnings, SNOW got out of the downtrend and now in short term uptrend.
For long I'd be paying attention to volume, you want to see increase in volume and strong buying pressure to make it to next resistance levels 164, 172 and 182.
Beware of earnings on 5/22. Could run until then and earnings are always a gamble.
$SNOW - Looks goodNYSE:SNOW Snowflake is back above the trendline and trading around the Point of Control resistance area.
Oscillators are showing bullish divergence.
See Mar 27 post for price targets.
Results due 22 May 2024Snowflake reported its maiden results back in December 2020
Revenue $159.62M reported earnings $ -0.28M.
Revenue has grown exponentially since though earnings have been negative to date.
Results are due 22nd May 2024, estimated revenue $786.8M, estimated maiden positive earnings $0.174M.
Stock price currently stands at lower support level.
Snow long positionHi traders,
The price has been in the range since July 2022.
The support has held strong but the resistance at 190 $ has proven to be a key level as well.
We expect the price to retest the support again which could be the entry for the long position. After that l think SNOW will move up again and will try to break the resistance.
Target for long; 190 $
Of the price breaks below the key support, the long position should be closed.
good luck
SNOW - Another nailed entry explained. On our way to a 48 R:R TPYes, 48 R:R sounds crazy. How about a 54 R:R? even crazier.
Watch this video to understand how this is super possible over and over again in the markets.
Happy Trading :)
- TraderDaddyOG
Make It Rain When The Temperatures LowAs my grandma used to say, "we don't play in the snow, we just make it rain when the temperatures low"
Bullish mid-long term.
Bullish near-term IF it regains 164 in the coming days.
- If it breaks back above 164 by 3/14 then my initial target is 187 by 3/25/2024
- Regardless, it will be trading at 207 minimum by end of 2024. Point target by end of 2024 = 287 (+78% upside). Upper target by end of 2024 = 300.
** Buy zone is 155-170. I like shares here.
SNOW - Major long opportunity! Look for this to enterThis is super interesting and we could be near a great level to get in for a longer term hold.
Many confluences on this one so keep this one on the list!
Happy Trading :)
Snow updateSnow looks like it's found a short term bottom, i'd be long shares here with a stop at 151.50. Below that i could see $140 in play. To the upside we could see $190. I don't believe this will be a quick rally and likely it will choppy, so i would avoid short term options.
Snowflake Buy RangeIf this lower trendline can hold, this is a great buy opportunity for SNOW. My fortune 500 employer has adopted snowflake and I've read their licensing agreements are more profitable and sustainable than competitors. I have opened a position at these levels.
Fundamentals have also been trending positively if you look at their revenue and EPS.
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