Snowflake Stock Forecast
Red day on Tuesday for Snowflake
(Updated on May 07, 2024)
The Snowflake stock price fell by -2.80% on the last day (Tuesday, 7th May 2024) from $163.68 to $159.09. During the last trading day the stock fluctuated 1.67% from a day low at $158.27 to a day high of $160.92. The price has risen in 6 of the last 10 days and is up by 5.24% over the past 2 weeks. Volume has increased on the last day by 1 million shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 4 million shares were bought and sold for approximately $710.46 million.
The stock lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -32.99% during the next 3 months and, with a 90% probability hold a price between $86.58 and $112.38 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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SNOW Signals & Forecast
The Snowflake stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $158.38 and $155.71. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, April 19, 2024, and so far it has risen 9.38%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss for Snowflake stock
Snowflake finds support from accumulated volume at $158.39 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $2.65 between high and low, or 1.67%. For the last week, the stock has had daily average volatility of 2.82%.
Our recommended stop-loss: $153.97 (-3.22%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 12 days ago.)
Trading Expectations (SNOW) For The Upcoming Trading Day Of Wednesday 8th
For the upcoming trading day on Wednesday, 8th we expect Snowflake Inc. to open at $159.43, and during the day (based on 14 day Average True Range), to move between $154.08 and $164.10, which gives a possible trading interval of +/-$5.01 (+/-3.15%) up or down from last closing price. If Snowflake Inc. takes out the full calculated possible swing range there will be an estimated 6.30% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $158.39 (0.44%) than the resistance at $177.93 (11.84%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Snowflake Inc. stock A Buy?
Snowflake holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.
Current score: 0.870 Hold/Accumulate Unchanged
Predicted Opening Price for Snowflake Inc. of Wednesday, May 8, 2024
| Fair opening price May 8, 2024 | Current price |
|---|---|
| $159.43 ( 0.211%) | $159.09 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SNOW
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 162.07 | 1.88 % | |
| R2 | 161.06 | 1.24 % | ||
| R1 | 160.44 | 0.85 % | ||
| Current price: | 159.09 | |||
| Support | S1 | 158.41 | -0.425 % | |
| S2 | 157.79 | -0.82 % | ||
| S3 | 156.78 | -1.45 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 188.28 | 18.35 % | |
| R2 | 186.72 | 17.37 % | ||
| R1 | 177.93 | 11.84 % | ||
| Current price | 159.09 | |||
| Support | S1 | 158.39 | -0.440% | |
| S2 | 157.70 | -0.87% | ||
| S3 | 156.31 | -1.75% |
FAQ
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