SNOW has been around since 2012 but IPO'd last year in September at a higher valuation than its initial public offer of $120. The IPO valuation started at $245 on Sept 16 2020 with the high of that day going all the way to $319. It didn't take long to reach an ATH of $429 right around December 2020. Ever since the ATH it has been in a momentum downtrend spiral while early investors and institutions bank on retail. Without a surprise the Resistance level sits around $244, which is a psychological level for many retail investors who got in last year in Sept. A breakout of this level will keep retail enthusiastic and falling under the endowment effect where they believe this stock will now continue to go higher. Retail must be aware that there is a bull trap market profile supply level around $250 and must not fall for the breakout trade (unless for a quick scalp). Market profile demand is sitting around $214. With an earnings release tomorrow after market close it is best to sit on your hands and wait to see what price does. Keep in mind that volatility is always the highest the day of earnings . Credit spreads are always best when playing a stock on earnings . Stay safe traders and investors. I will be playing either the Puts or Calls (credit side) once I see how this stock ends the day.
Trade closed: target reached