SNOW fell about 37% from ATH, a move that was catalyzed by the H&S break out. It is currently finding support for the 3rd consecutive day on the .786 fib retracement level. I added a few more shares to my position here with a very tight stop loss in case it continues to move down. Stochastic is curling up, which signals a potential change in the trend. Seems to the a good place to start a reversal, even if it turns out to be a slow one.
***If you get anything out of this TA, please like and follow for future updates and more TA. Thanks a lot!***
***THE IDEAS SHARED HERE ARE MY OPINION. THIS IS NOT FINANCIAL ADVISE TO PLACE TRADES. PLEASE DO YOUR OWN RESEARCH AND ANALYSIS BEFORE BUYING/SELLING STOCKS.***
Comment
⋅
Nice bullish candle printing at the moment. There is some overhead from the 50/21/14 emas so Snow has some work ahead but we already had an 8% gain this morning. RSI and Stochastic curling up and showing some positive momentum.
Comment
⋅
Snow just broke above the 50-ema resistance on the daily. It is up over 11% at the moment, This is a nice bullish candle with some decent (though not above average) volume. This can change (obviously) but this is the type of action you want to see on a trend reversal.
Comment
⋅
Closed the daily with 13.5% gains!
Comment
⋅
At the $320 resistance. If SNOW breaks above the next stop is $355, at which point I would start taking profits:
Comment
⋅
One thing to keep in mind is that millions of shares were released from the lockdown yesterday. I believe we didn't see a sell ff because the price was already very low due to people selling in anticipation of a price fall yesterday. However, those shareholders who got shares early may be waiting for a push higher to start unloading their shares. They are all looking at the same resistance levels as the rest of us (such as the $320 mark, where the price just fell from) so there might be a bumpy road ahead for SNOW.
Comment
⋅
SNOW just finished filling the gap in today's opening. Normally, when gaps are filled the asset continues the move in the previous direction of the trend:
Comment
⋅
SNOW is still falling. Holding on to that last moving average. If it breaks below we could revisit the level where the price reversed and depending on how it reacts there we could see lower prices:
Comment
⋅
Placed a stop at $293 in case the 50-ema on the daily and other emas on the 4hr and 1hr chart are broken.
Sorry.. chart is no bueno. Will drop like hotcakes by tomorrow.
Safe_Trades
⋅
@daphantom99 hence the stop loss to protect my capital. It would be helpful if you detailed what is “no bueno” about the chart.
charlie2598
⋅
there are more share coming in market for sell as there locking period for staff and initial investor was remove
so be careful
Safe_Trades
⋅
@charlie2598 I know. Most of the move down was due to the previous shares that had already been released from the lockup mid December. I also think the end of the lockup today has been priced in for the most part. I guess we will see today when the market opens. I have a stop loss so I should be fine regardless. Thanks for the comment!
daphantom99
⋅
@naxus2, just my opinion only.. looks to me that it's still in an ABC correction. C ending at around 220-209 range.
Safe_Trades
⋅
@daphantom99, Elliot waves need to have 5 waves up before it has 3 down. I don't see 5 waves up on SNOW on the daily chart. Also, if this was an Elliot wave correction we would have had the C point of the correction exactly where I called the bottom.
There is so much more to Elliot Wave Theory than the 8 waves though. I feel like it requires fine mastery to trade with EW due to its complexity. I am not saying the price couldn't go down again (who knows for sure anyway?). But I don't see the 5 impulse waves one would expect on standard Elliot waves and the correction waves would have ended where I called the bottom, so I don't think this chart fits the theory. If you are willing to chart and show me I would gladly review my assessment. Good trades!
UnknownUnicorn12926549
⋅
@naxus28, dude I think this can keep running tomorrow good job. Where is the first level of resistance after 305?
Safe_Trades
⋅
@Porsche2022, if it continues up (which I think it will) the next resistance levels are:
1. the 21-ema on the daily, which coincides with the 50-ema on the 4hr chart (they many times do) and is currently hovering over the .786 fib extension level
2. $320, which was support/resistance in the past--it is also where the 1 fib extension is
3. $355, which is the top of the right shoulder and where the 1.618 fib extension is (this could take a while though and this level should be strong resistance)
I hope this helps. Safe trades!
Safe_Trades
⋅
@Porsche2022, also take a look at my last comment.
UnknownUnicorn12926549
⋅
@naxus28, man I want to buy in but you don't think its a good idea now that's what you're saying?