Why This Price Level Should Be On Watch For Snowflake (SNOW) Traders
Snowflake (SNOW) is a cloud computing–based data cloud company based in Bozeman, Montana. It was founded in July 2012 and was publicly launched in October 2014 after two years in stealth mode. The firm offers a cloud-based data storage and analytics service, generally termed “data-as-a-service”.
Since then, the stock received a fair amount of hype as one of the next big tech stocks, until inflation and the market had other plans, at least as far as the stock price was concerned. After being priced nearly twice what it is now, the stock has finally found some solid footing and traders have descended on the stock, trading it as they would one of the other major tech names.
In today’s video, we are analyzing the stock as it is setting some well-defined price levels that trader hope it can break and make a move higher. As long as this market rally stays intact, a move to a previously held level is expected to take place with little standing in the stocks path.
As you can see below, the stock has been in a bit of a consolidation pattern even with the strength of the overall market at its back. However, after a brief dip, the stock has finally joined the party and is eyeing a move higher to its next resistance level. Make sure to check out the video to see just where those levels are, and be prepared for the next big move.
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