For his final "Executive Decision" segment of Wednesday's Mad Money program, Jim Cramer checked in Frank Slootman, chairman and CEO of data and analytic software provider Snowflake (SNOW) , another company helping enterprises move their digital transformations forward.
Snowflake is also on the front lines of the online privacy debate, creating new products that allow companies to share data while still protecting data privacy and complying with all privacy regulations.
Slootman stood by Snowflake's plans to achieve 1,400 customers paying over $1 million a year and overall revenues of $10 billion by 2028.
Snowflake's efforts are being aided by Covid, which is demanding more than ever that companies use data to determine what's actually going on with their business rather than just guessing.
Let's check out the charts of SNOW.
In the daily bar chart of SNOW, below, we can see that the shares bottomed in March through June and started an upside move in July. The shares are trading above the 50-day moving average line and above the rising 200-day line.
The On-Balance-Volume (OBV) line shows a positive pattern from the middle of May. The Moving Average Convergence Divergence (MACD) oscillator is above the zero line and poised to turn higher.
In the weekly Japanese candlestick chart of SNOW, below, we see a bullish picture. Prices have rallied above the 40-week moving average line. A lower shadow last week tells us that traders rejected prices below the 40-week line.
The weekly OBV line shows a rise from March and the MACD oscillator is bullish.
In this daily Point and Figure chart of SNOW, below, we can see an upside price target of $370.
In this weekly Point and Figure chart of SNOW, below, we see a $366 target being projected.
Bottom-line strategy: The charts of SNOW are pointed higher. Traders could go long SNOW around $285 or above $300. Risk to $240 for now. The $366-$370 area is our price objective for now.
