Snowflake (SNOW) was rated a new "outperform" with a $184 price target by a sell-side firm Friday. The stock has suffered a severe decline from around $400 in November to around the $140-$120 area.
Can SNOW recover or are further losses in the cards for this data platform company?
In our last review of SNOW on May 26 we wrote that traders should, "Continue to avoid the long side of SNOW. Let others try to catch the falling knife."
Let's check the latest charts.
In the daily bar chart of SNOW, below, we can see that prices have not done any noticeable base building. SNOW is still below the declining 50-day moving average line and below the bearish 200-day line.
The trading volume spiked a few days ago but the On-Balance-Volume (OBV) line is still pointing down. The Moving Average Convergence Divergence (MACD) oscillator has barely improved in the past week.


