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.
