Here we are looking at SNOW on the Daily TF.
I would like to draw your attention to the up sloping Yellow trend line.
If the price action closes below this trend line we can expect further downside action.
The next target for SNOW is to the Green support line.
Once the price hits the Green support line, you can look for a couple day bounce possibly back up...
I promised an update on a more clear direction and well heres what I see for now. This pattern is known as the Bearish Symmetrical Triangle and pretty much goes as follows. A failure on this would be a break above where pt 5 is at.
Only thing major that's worth mentioning is the Symmetrical Triangle on the weekly and the daily time frames. Other than that the rest is the 1hr-4hr demand and supply zones. Depends on when i see a break out or a break under for the triangle will determine my position on it, for now neutral.
If you haven`t sold the Head and Shoulders bearish chart pattern:
or played the reversal last time:
Now looking at the SNOW Snowflake options chain ahead of earnings , i would buy the $150 strike price Calls with
2022-12-16 expiration date for about
$10.30 premium.
If the options turn out to be profitable Before the earnings release, i would sell at least...
Snowflake - 30d - We look to Sell at 179.69 (stop at 191.11)
Daily signals are bearish.
The primary trend remains bearish.
The trend of lower highs is located at 180.
We look for a temporary move higher.
Preferred trade is to sell into rallies.
Our profit targets will be 151.11 and 141.11
Resistance: 165.00 / 170.00 / 180.00
Support: 155.00 / 145.50 /...
It reports earnings after the market close on Wednesday. Additionally, the overall market looks bearish we could see some downside and will be a great opportunity to play for earnings.
I believe Snowflake will stick within its current downtrend channels until earnings date. Trend is down, and RSI / Volatility is settling.
I'm selling a Dec02 170 CALL option covered by my position which I hope to expire worthless on the Friday before earnings .
After earnings , I expect stock to rally outside the channels.
Like all high P.E growth Tech this stock got a huge boost from lower cpi #.
Up 30% in 2 days, I think we pull back and Retest daily 21ema around 153
If we break below 153 then we retest 146 fib area.
Now if we bounce off 146 it would look like a formation of a right inverted head and shoulder.
So what I'm saying is , a short term pullback then a possible ...
There is a daily wolfe wave setup that triggered on November 11 on the day of CPI. The projected target is calculated by extending a linear line between pivot 1 and 4 and projecting the line. This is represented as the green perforated line, as shown in the chart. Projected targets are defined by identifying the apex of the wolfe wave and projecting a vertical...
Still another 10% minimum drop in this stock in the short term.
110 is my target
Fell out off a major bear flag that will probably see this 70$ by next summer
Bounce back to supply Zone, Zone Confirmation
Trendline break
Earning: 8/24/2022 Est. -0.01
Short 139
Stop 157
Target 100, 80
Risk management is much more important than a good entry point.
I am not a PRO trader.
In my trading plan, the Max Risk of each short term trade should be less than 1% of an account.
1. weekly downtrend broken
2. weekly - exhaustion volume followed by some consolidation
3. weekly - bull flag building
could look for entries - around the monthy-weekly open level. I'm getting the best read on a weekly chart
