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  1. Home
  2. / Investing
  3. / Stocks

Hang on Slootman? Snowflake's Charts Show Improvement

We have a price target for a potential rebound rally.
By BRUCE KAMICH
Jun 23, 2022 | 10:59 AM EDT
Stocks quotes in this article: SNOW

In our June 15 update on shares of cloud computing firm Snowflake (SNOW)  we wrote that "All things considered, the charts of SNOW are mixed so a story could be crafted to be bearish or bullish. For now I am still leaning to the bullish side of the ledger. Traders who went long on or around June 9 should continue to hold unless they have been stopped out. Traders with no position could probe the long side risking to $105."

Today we learned that a major sell-side firm raised their fundamental rating on the company to "buy" from "hold" with a price target of $165. Interesting. Let's check the charts once again.  

In this daily bar chart of SNOW, below, we can see that the shares have improved in recent sessions. Prices are testing the highs of early June and edging closer to the underside of the still declining 50-day moving average line.

The On-Balance-Volume (OBV) line is showing us some recent improvement as buyers are becoming more aggressive. The 12-day price momentum study shows improvement from March as the pace of the decline has slowed. Foreshadowing a recovery rally?  

 
 
In the weekly Japanese candlestick chart of SNOW, below, we can see some modest improvement. The most recent candles are white as the close is above the opening. This is modest progress from red candles.
 
The trading volume has dried up telling us that the bears are not pressing their bets here. The weekly OBV line looks like it is bottoming. The MACD oscillator is narrowing. 
 
 
 
In this daily Point and Figure chart of SNOW, below, we can see an upside price target in the $182 area. 
 
 
 
Bottom-line strategy: Continue to hold trading longs in SNOW. Risk to $115 now. The $182 is our price target for this rebound rally. 
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TAGS: Stocks | Technical Analysis | Software & Services | Technology | Analyst Actions | Investing

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