I was watching $SNOW from the sideline since its IPO in mid September.
Unfortunately from a technical point of view, it's difficult to make any speculation on where and when the stock will move next. However, I believe the stock is in a bullish position. Looking at the chart, I could possibly speculate on the following points:
1. Ascending triangle narrowing and setting up for a run. Since October the stock is trending down, but always staying above the lower trend support (hourly).
2. Stochastic turned bullish.
3. MACD at turning point.
4. Overall TECH sector has been on mini cycles, in which buyers step in for 1- 2 weeks to buy and than usually is followed by 3-4 days of sell off. IF you can get in on the right side of the cycle, you can ride up the bullish wave.. $SNOW seems to be getting in the buying part of the cycle.
5. Stimulus coming? If so, should positively effect the stock.
WARNING:
A. Stock market is reaching overbought territory.
B. Election is creating uncertainty, which in my view is causing part of this volatility. But to me it's more like we dont know what will happen, rather than OMG is going to be TRUMP or BIDEN presidency.
C. COVID-19 spiking again!
D. A major warning in itself, its and always been...wel.. you know... DONALD J. TRUMP :)
This is not an investments advice. Do your own due diligence before investing in any stock!
Happy weekend.
Unfortunately from a technical point of view, it's difficult to make any speculation on where and when the stock will move next. However, I believe the stock is in a bullish position. Looking at the chart, I could possibly speculate on the following points:
1. Ascending triangle narrowing and setting up for a run. Since October the stock is trending down, but always staying above the lower trend support (hourly).
2. Stochastic turned bullish.
3. MACD at turning point.
4. Overall TECH sector has been on mini cycles, in which buyers step in for 1- 2 weeks to buy and than usually is followed by 3-4 days of sell off. IF you can get in on the right side of the cycle, you can ride up the bullish wave.. $SNOW seems to be getting in the buying part of the cycle.
5. Stimulus coming? If so, should positively effect the stock.
WARNING:
A. Stock market is reaching overbought territory.
B. Election is creating uncertainty, which in my view is causing part of this volatility. But to me it's more like we dont know what will happen, rather than OMG is going to be TRUMP or BIDEN presidency.
C. COVID-19 spiking again!
D. A major warning in itself, its and always been...wel.. you know... DONALD J. TRUMP :)
This is not an investments advice. Do your own due diligence before investing in any stock!
Happy weekend.