Trade of the Day – Snowflake Inc (NYSE: SNOW) August 15, 2023 402

Trade of the Day

Snowflake Inc (NYSE: SNOW)

(Current Price: US$152.86) – TECHNICAL BUY

Buy price: US$152.86     Stop loss: US$145.00   

Take profit 1: US$166.00    Take profit 2: US$192.00

 

 

The price pulled back to the confluence of the main uptrend channel and short-term downtrend channel supports, with a bullish hammer candlestick on 14th August.

 

Should the price rebound, it could retest the first resistance level at US$166.00, which was a previous range support level from June to August this year. It could then head to the next resistance level at US$192.00, confluent with the horizontal resistance formed at the main uptrend channel this year.

Expected timeline of the trade is 4-12 weeks from the date of report issuance.

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About the author

Profile photo of Zane Aw

Zane Aw
Technical Analyst
PSR

I analyze the stock market and conduct technical analysis to provide investment recommendations. I look forward to having a conversation with you in our in-house seminars and presentations to identify good risk-reward trading strategies together. I graduated from Nanyang Technological University with a Bachelor of Accountancy (Honours).

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