SNOW If market strength continue.. i believe SNOW is ready to test 200+ soon
weekly supply (red box) is my target.
MACD & TTM are bullish
PA is king so lets focus on that, it must hold 198-190 area
SNOWD trade ideas
Finding Bottoms Using Monthly Inside Candles: SNOWThis past year, I shared many bottoms on names on my weekly WLs based on bottoming consolidation structures, mentioning a specific strategy as a reasoning for the trades. Aside from understanding price action, I used a simple method:
Monthly inside candles/bars.
----------------------------------------------
What is an inside candle/bar?
Inside candles trade “inside” its previous candle. The previous candle’s high and low can be used as resistance and support, respectively. Your trade execution comes on a break & hold above/below the range.
Here are a few examples of this:
pbs.twimg.com
----------------------------------------------
NYSE:SNOW
This has traded within it’s May ‘22 inside range for over a year. This has been one of my top watches earlier this year.
The range provides a macro resistance/support of $187.23 and $112.10, respectively. These levels can now be used as targets for your trades.
How do I execute on this?
Zoom into LTFs to find swing opportunities. In my 1/23/23 weekly watchlist, I provided NYSE:SNOW based on a previous bull div + key support/demand being held (red box).
pbs.twimg.com
All swing contracts provided on the WL printed, while NYSE:SNOW saw a massive upside move from $140 into $178.70 within 2 weeks.
You’ll also notice my invalidation for this was $133.10 while the low was $134.34. This invalidation was based on a breakdown of the range low.
Now once again, on 3/31/2023 I mentioned NYSE:SNOW as a potential high R:R trade.
Based on the exact same reasoning as my January WL.
Once again, NYSE:SNOW was able to hold its demand zone with a macro target of the monthly inside candle resistance.
NYSE:SNOW
The same exact entry & same exact analysis now provided a recent move into my $187.23 target. First move providing a 33% move, second providing a 42% move.
This is how you take advantage of macro inside ranges (specifically monthly candles in these examples).
pbs.twimg.com
SNOW - Rising Trend Channel [MID -TERM]🔹180 supported indicates a potentially POSITIVE reaction; a downward breach indicates a NEGATIVE.
🔹Technically positive for the medium long term.
Chart Pattern:
🔹DT - Double Top | BEARISH | 🔴
🔹DB - Double Bottom | BULLISH | 🟢
🔹HNS - Head & Shoulder | BEARISH | 🔴
🔹REC - Rectangle | 🔵
🔹iHNS - inverse head & Shoulder | BULLISH | 🟢
Verify it first and believe later.
WavePoint ❤️
Snowflake Head & Shoulders on the 4hrNYSE:SNOW This chart pattern of a 4hr H&S is quite prominent. So far so good if you're a bull you want to see this neckline hold. As the saying goes nothing is more bullish than a failed bearish move. If the neckline breaks it's trading back down to the 150s IMO. If it can hold I expect 190s to print. Based on the Modified Pitchfork I have if we chop around the 170s for the rest of the week I would lower the neckline down to 169 where the price would meet the 0.25 orange line, before considering the neckline broken. Big moves soon on SNOW is what I am expecting.
SNOW stock is about to enter a consolidation state !SNOW stock is about to enter a consolidation state !
This chart shows the weekly candle chart of the euro against the US dollar over the past year. The graph overlays the recent bottom-up golden section. As shown in the figure, the euro against the US dollar hit its lowest point last month, just below the 2.382 level of the gold split, while its recent peak happened to be around 3.414 level of the gold split! This pattern indicates that the euro has entered a state of strong bearish positions against the US dollar, despite the fact that bulls have once again accumulated their strength! In the future, we should focus on whether the euro/US dollar can enter the standard graphic organization, and then determine the direction of the next breakthrough!
Bullish-We are in a demand zone
-Price has just stopped at the POC for our previous run-up
-extremely high volume on a red candle with low/normal spread and bottom wick
-next shelf of selling volume is in the $175 range.
- We have formed a rather large double bottom on the (30min ) time frame.
-Price is in an extremely high volume shelf that begun this previous run-up
-We have reached our bottom Bollinger band with enormous room for upside.
NFA: I will be entering $175 calls exp 7/30/23
Snowflake: Gone with the Wind… 🌬(Un-)fortunately, we won’t rehash the story of Scarlett and Rhett, which took director Victor Fleming nearly 4 hours to recount. We will rather talk about Snowflake, which currently seems to be struggling though a snowstorm, fighting on toward the resistance at $203.62. We expect the share to gust above this mark to expand wave x in magenta before a counter movement should take hold. However, there is a 40% chance that wave alt.x in magenta could be finished by now. In that case, Snowflake would waft below the support at $110.27 to develop wave alt.2 in turquoise already, whose low should then be followed by a fresh upwards movement.
SNOW pulls bak on Earnings Discount SaleSNOW on the daily chart pulled back from decent earnings to in a massive bearish candle down
into its intermediate-term fair value zone near to the mean anchored VWAP and the POC line
of the volume profile. It is entirely possible that many traders sold SNOW at its highs when
they got FOMO over NVDA and needed to free capital to get more cash in their accounts
after buying NVDA . This could have easily helped SNOW go down despite decent earnings.
No matter if SNOW is on sale, I will buy it now setting a stop loss @ $145.00 and watch for
a Fibonacci-style retracement halfway back to the Pirvot high from which it fell for a first
the target of $ 170, a second of $180 ( one third of the position for each) and the final at
$170. In the meanwhile, I have a position on NVDA to play a possible drop.
SNOW - BEARISH SCENARIOSnowflake on Wednesday reported first-quarter earnings that topped Wall Street expectations, but the company's product revenue outlook missed views amid slowing growth for cloud computing partners.
The revenue climbed 48% to $623.6 million, the software maker said. Analysts had predicted revenue of $609.7 million.
SNOW stock plunged 12.5% to near 155 in extended trading on the stock market today.
The next price target is located at the $ 140 major support level
Risk Disclosure: Trading Foreign Exchange (Forex) and Contracts of Difference (CFD's) carries a high level of risk. By registering and signing up, any client affirms their understanding of their own personal accountability for all transactions performed within their account and recognizes the risks associated with trading on such markets and on such sites. Furthermore, one understands that the company carries zero influence over transactions, markets, and trading signals, therefore, cannot be held liable nor guarantee any profits or losses.
W PatternWs often reverse at the end of the fourth leg.
Right now this would be an Alternate Bat that may have terminated at the 1.113.
The Bat terminates at the .886.
I left the line dashed in case this leg is not complete.
Bearish Harami today.
Earnings 5-24 AMC.
No recommendation
52 Week Range
110.27
205.66
Day Range
176.61
182.46
EPS (FWD)
0.59
PE (FWD)
310.77
Div Rate (TTM)
-
Yield (TTM)
-
Short Interest
4.71%
Market Cap
$59.90B
