Elpidaldo

SNOW: BOUNCE CANDIDATE?

Long
NYSE:SNOW   Snowflake Inc
SNOW:
I put SNOW in the bounce candidate and potential continuation upward list. Why?
1. We retraced 50% of the move that started in May. This level is good to initiate a long trade because it allows you to place a stop loss not too far below the line.
2. Demark Sequential is on a 9 daily. (More details below on Demark indicators)
3. The chart looks like a big cup and handle and it seems that we are at the bottom of the handle. The top of the cup is 405. This one is very subjective though.

Depending on how markets open, I will look for a long entry. Swing trade.
My initial target will be 320-330, then I'll reassess. The success of the trade will depend on how Nasdaq behaves so I'll be careful and monitor the indexes closely.
If the trade fails, another interesting level will be around 268.

Note:
DeMark Indicators are designed to anticipate turning points in the market.
A Buy Setup occurs when there are 9 consecutive closes less than the close four days earlier.

Trade safe!
Comment: I didn't like the price action so I have not taken a position in this one yet but closely monitoring.
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