Wen Snow stop melting?
Updated
When will Snowflake stop melting away? Unfortunately I don't think anytime soon. But that does't mean you can't trade this to the upside. We are back to the Value area low of the entire range of this chart. Sitting at all time lows, this could get a lot worse. But there is a chance we get some sort of dead-cat bounce back towards the Point of Control (around the $150 area).
I will wait for a sign of strength before going long. Will Nvidia smash earnings and cause Gen AI names like Snowflake to rally? It's indeed wishful thinking but anything is possible. We remain in a downtrend for now but I will be going long if the chart's suggests we are turning a corner.
By all valuation metrics this former darling of the stock market remains expensive. Trade carefully and don't forget to use stop losses to preserve your hard earned capital.
I will wait for a sign of strength before going long. Will Nvidia smash earnings and cause Gen AI names like Snowflake to rally? It's indeed wishful thinking but anything is possible. We remain in a downtrend for now but I will be going long if the chart's suggests we are turning a corner.
By all valuation metrics this former darling of the stock market remains expensive. Trade carefully and don't forget to use stop losses to preserve your hard earned capital.
Trade active
I believe this is a double bottom and we should continue upwards from here, rotating back to the POC (red line). Tight stop loss below the all time low, just in case it fails
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