Indications Suggest NYSE:SNOW Could Be on the Verge of a Breakout.

We've identified SNOWFLAKE INC-CLASS A (NYSE:SNOW) as a potential breakout candidate based on our stock screener's analysis. This breakout setup pattern suggests that after a strong uptrend, the stock is currently consolidating, potentially signaling a continuation of the trend. Keep an eye on NYSE:SNOW for further developments.

Technical analysis of NYSE:SNOW

ChartMill assigns a Technical Rating to every stock. This score, ranging from 0 to 10, is updated daily and is determined by evaluating multiple technical indicators and properties.

Taking everything into account, SNOW scores 7 out of 10 in our technical rating. Although SNOW is a bad performer in the overall market, the technical picture looks good in both the medium and short term time frames.

• The long and short term trends are both positive. This is looking good!
• In the last month SNOW has a been trading in the 170.10 - 194.40 range, which is quite wide. It is currently trading near the high of this range.
• SNOW is currently trading in the middle of its 52 week range. The S&P500 Index however is currently trading near new highs, so SNOW is lagging the market.

Our latest full technical report of SNOW contains the most current technical analsysis.

How do we evaluate the setup for NYSE:SNOW?

Next to the Technical Rating, the Setup Rating of a stock determines to which extend the stock is consolidating. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. For NYSE:SNOW this score is currently 9:

SNOW has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately. There is a resistance zone just above the current price starting at 192.79. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 187.84, a Stop Loss order could be placed below this zone. Another positive sign is the recent Pocket Pivot signal.

Trading breakout setups.

A breakout opportunity may arise when the stock surpasses the current consolidation zone and reaches new highs. Traders often wait for this breakout before considering buying the stock. To manage risk, a stop loss order could be placed below the consolidation zone to limit potential losses.

Please note that this article should not be construed as trading advice. The information provided is solely based on automated technical analysis and serves to highlight technical observations. It is important to conduct your own analysis and make trading decisions based on your own judgment and responsibility.

Our Breakout screener lists more breakout setups and is updated daily.

Keep in mind

This is not investing advice! The article highlights some of the observations at the time of writing, but you should always make your own analysis and invest based on your own insights.