Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
SNOW stock price gave an emotional roller coaster to its holders where the price seeks immense volatility. Stock trading in a parallel channel rises upward. However, the stock is getting rejections from the upper level of $193.50 and smashed below the key moving average. Snowflake Inc. stock is presently seeing a weak bearish momentum on the daily technical charts. On the daily chart, the share price is seeing a strong shorting. Snowflake Inc. is currently trading near the value of $152.55, with a gain of 3.30% in the intraday session.
The upside trend of Snowflake may halt near the value of $193.41. Meanwhile, the support of the share price is near $145. Despite making several attempts within the past few months, the buyers have not been successful in smashing the price above its essential resistance level on the 1-day chart.
SNOW price prediction indicates that the Snowflake token is presently trading within the firm grasp of the bears. SNOW price is currently roaming beneath the 100 and 200-day EMA. If the price surges beyond the 200-day EMA, then a strong upside trend can be seen in the future.
The technical indicators favor the bears, projecting a pessimistic perspective for the buyers. RSI and stochastic RSI oscillator are moving near the overbought territory whereas the major EMA lines are acting as barrier points for Snowflake price.
The company had a mixed performance over the year. With Year-to-date (YTD), it gave nominal returns of 4.14% and 1.56% in the span of 6 months. In the last 1 month, it gave a negative return of -12.49% and 5.58% in the last seven days indicating an uncertain trend continuing till now.
Will the SNOW Stock Price Recover or Decline Further?
Snowflake Inc. stock (NYSE: SNOW) is trading under the 50, 100, and 200-day DMAs (Daily moving averages), which are not upholding the price trend.
Moreover, if more selling volume adds up in stock, then more downward levels can be seen in the upcoming weeks. The price might smash new lows by making lower highs and lows. Hence, the Snowflake price is expected to move downwards giving bearish views over the daily time frame chart.
The MACD line at -5.60 and the signal line at -5.82 are above the zero line. A bearish crossover is observed in the MACD indicator which signals more bearishness for the Snowflake stock price. The current value of RSI is 42.88 points. The 14 SMA is above the median line at 36.89 points which indicates that the SNOW stock is bearish.
SNOW stock has shown sellers’ strength, and profit booking in the stock was noted on the 4-hour charts. Moreover, the price traded below the key EMAs, which the seller tried to break for further weakness in the stock.
The RSI curve is near the oversold region at 47, and a positive divergence was noted, indicating bullishness in the stock. The MACD indicator persisted to form green bars and a bullish crossover was noted, which signals bullish moves.
Summary
Snowflake technical oscillators also support the bearish trend. The MACD, RSI, and EMA are emphasizing negative signs and imply that the downtrend may continue in the Snowflake stock price. SNOW price action suggests that the investors and traders are bearish on the 1-D time frame. The price action reflects a bearish perspective at the moment.
Technical Levels
- Support Levels: The most immediate support levels for the SNOW stock price are $162.46 and $147.22.
- Resistance Levels: The most immediate resistance levels for the Snowflake stock price are $193.09 and $208.48.
Disclaimer
The analysis delivered in this article is for informational and educational objectives only. Do not depend on this information as financial, investment, or trading recommendations. Investing and trading in stock involves risk. Please assess your situation and risk tolerance before making any investment decisions.
Source: https://www.thecoinrepublic.com/2023/08/28/snow-stock-price-prediction-price-targets-for-snowflake-in-2023/