Let's try a $245 - $255 debit call spread for this week, just $0.95. Or just wide open the $245 same week call for $1.35. Exit tomorrow morning with a move either direction to take profits or cut losses.
SNOW has been on a downtrend since Dec 2020. However, the stock looks like it is turning bullish on the daily timeframe where 9EMA has crossed over 21EMA, a bullish reversal sign.
Formation of ascending triangle on the weekly timeframe where 241.59 is a strong resistance level.
Once it breaks above this level, we're looking at more potential upside. On the daily...
$SNOW showing signs of life after a downtrend
* BUY signal fired on Ultimate Stock Indicator
* Ripster EMA cloud turned green
* Looking for volume for entry.
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SNOW is looking to breakout of its flat top formation. It has tested this level 5 times already and is going for a 6th. Each test into resistance is taking out supply increasing the likelihood of a continued breakout. Looking for this to run into the 250-260 range.
I grabbed some SNOW based on the volume shelf and the performance of other stock's and their volume shelves recently.
I got in and out and back in and now I am holding. I will cut under $200/share.
If the stock can claim and hold $243, then the volume shelf play should work out and my target for exit is $270