SNOW stock price is trying to sustain near the $161.96 resistance to continue its recovery towards the $200 mark. Analysts have suggested a roadmap for SNOW shares to reach the $200 recovery level. Meanwhile, the SNOW share price needs to maintain the upside trend in order to sustain at the primary resistance level of $161.96. However, SNO shares need to attract more buyers as sellers overpowered during Friday’s trading session.
SNOW stock price needs to attract more buyers during Monday’s trading session for SNOW shares to reach the upper threshold. Nevertheless, volume change can be seen below average and needs to grow during Monday’s trading session.
SNOW stock price was at $157.08 and has gained 0.15% of its market capitalization during Friday’s trading session. Trading volume needs to be increased during Monday’s trading session for SNOW shares to maintain their recovery.
Will SNOW Stock Reach and Sustain at $161.96 Mark?
Snowflake, Inc. (NYSE: SNOW) stocks are currently trying to find a footing at their current level to make a potential breakout beyond the primary resistance point. Nevertheless, it’s important to note that there might be some resistance from sellers, who attempted short selling during Friday’s trading session.
To sustain and extend the upward momentum, there’s a crucial need for increased trading volume during Monday’s trading session for SNOW shares. This surge in trading activity is essential for the stock’s continued upward trajectory.
Over the past week, the stock price of SNOW has seen a positive gain of 6.78%, although it experienced a decline of 3.90% over the course of the past month. Looking at a broader timeframe, SNOW shares have faced a decline of approximately 8.83% in the last three months, but they managed to rise by about 10.12% in the preceding six months. Additionally, when considering the entire year, SNOW’s share price has shown a noteworthy increase of approximately 7.24%.
Technical indicators suggest the upside trend of SNOW stock price. Relative strength index and moving average convergence divergence both confirm the upward momentum of SNOW shares.
RSI was at 49 and is flat just below neutrality. The MACD line is above the signal line after a positive crossover. Investors in Snowflake, Inc. (NYSE: SNOW) stock need to wait until SNOW stock breaks out of the primary resistance at $161.96.
Summary
SNOW stock price is trying to sustain near the $161.96 resistance to continue its recovery towards the $200 mark. To sustain and extend the upward momentum, there’s a crucial need for increased trading volume during Monday’s trading session for SNOW shares. Technical indicators suggest the upside trend of SNOW share price. Investors in Snowflake Inc. (NYSE: SNOW) stock need to wait until SNOW stock breaks out of the primary resistance at $161.96.
Technical Levels
Support Levels: $155.45 and $151.65
Resistance Levels: $161.96 and $180.95
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/09/04/snowflake-inc-snow-stock-roadmap-to-200-mark-analyst-insights/