SNOW stock price recovered 11% from the low and formed a double bottom pattern. It holds the $150.00 support and showed initial signs of a bullish trend reversal.
Snowflake stock price is trying to climb above the 50-day and 200-day EMA to regain the confidence of investors. If buyers succeed, then it will increase the probability of reaching $170.00.
In mid-September, Snowflake Inc. stock price attempted to break out of the $172.00 hurdle. Sadly, the attempt didn’t succeed and the price displayed a bearish rejection candle in the supply zone.
Later, the stock price reverted down slowly and steadily began to decline by forming lower low candles. It erodes the gains generated after the release of quarterly earnings and retested the previous low.
The correction halted near $142.00 and buyers came to give a strong bounce. It will be interesting to see whether the buyers are able to continue the recovery in the coming week or not.
SNOW stock price closed the previous sessions at $159.95 with an intraday rise of 6.46%. The market capitalization stands at $52.74 Billion.
Will SNOW Stock Price Continue the Recovery?
SNOW stock price is in a recovery phase and forms a double bottom pattern. Buyers are trying to break out of the neckline hurdle to reverse the trend.
Till the Snowflake stock price sustains above $142.00, it is expected to remain in the bulls’ grip. However, the price will pick up momentum when buyers are able to break the $172.00 hurdle.
On the other hand, if the SNOW share price faced rejection from $172, then it is likely to consolidate in an existing range. The technical analysis suggests the recent upmove in the stock looks reliable and more upside is pending.
Is the Correction in Snowflake Stock Price Halted?
Snowflake stock price rose 4.70% this week and formed a bullish candle. The correction seems to have taken a halt and the price is preparing to reach the 52-week high.
The MACD curve displayed a positive crossover and the histogram bar turned green. It shows mild bullishness and more upward momentum is possible.
The RSI at 56 sloping upward denotes the strength and confidence of buyers. The supertrend red signal line is at 162. If they succeed in breaking it then the short-term trend will reverse upward.
Conclusion
SNOW stock price recovered 11% from the recent swing low at $142.00. The price pattern looks bullish so more upward momentum is possible.
The analysis suggests if Snowflake stock price sustains above both the EMA, then it will increase the possibility of a $170 breakout.
Technical Levels
- Resistance levels: $172.00 and $193.00
- Support levels: $150.00 and $142.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/10/07/snow-stock-surges-6-will-snowflake-stock-break-170-hurdle/