Snowflake Stock Forecast
Snowflake stock price ended at $160.04 on Wednesday, after gaining 1.28%.
(Updated on Mar 27, 2024)
The Snowflake stock price gained 1.28% on the last trading day (Wednesday, 27th Mar 2024), rising from $158.02 to $160.04. During the last trading day the stock fluctuated 1.86% from a day low at $157.70 to a day high of $160.63. The price has fallen in 6 of the last 10 days and is down by -1.4% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 161 thousand more shares were traded than the day before. In total, 4 million shares were bought and sold for approximately $674.60 million.
The stock lies in the lower of a very wide and falling trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $152.06 is broken, it will firstly indicate a stronger fall rate. Given the current short-term trend, the stock is expected to fall -14.49% during the next 3 months and, with a 90% probability hold a price between $130.04 and $186.77 at the end of this 3-month period.
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SNOW Signals & Forecast
A buy signal was issued from a pivot bottom point on Monday, March 18, 2024, and so far it has risen 2.39%. 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). Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Snowflake stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $191.73. On a fall, the stock will find some support from the short-term average at $159.19. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal.
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 may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $2.93 between high and low, or 1.86%. For the last week, the stock has had daily average volatility of 2.91%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (SNOW) For The Upcoming Trading Day Of Thursday 28th
For the upcoming trading day on Thursday, 28th we expect Snowflake Inc. to open at $159.46, and during the day (based on 14 day Average True Range), to move between $153.28 and $166.80, which gives a possible trading interval of +/-$6.76 (+/-4.23%) up or down from last closing price. If Snowflake Inc. takes out the full calculated possible swing range there will be an estimated 8.45% 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 (1.03%) than the resistance at $177.93 (11.18%), 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 negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock.
Current score: -2.481 Sell Candidate Unchanged
Predicted Opening Price for Snowflake Inc. of Thursday, March 28, 2024
Fair opening price March 28, 2024 | Current price |
---|---|
$159.46 ( 0.365%) | $160.04 |
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 | 162.38 | 1.46 % | |
R2 | 161.27 | 0.766 % | ||
R1 | 160.57 | 0.334 % | ||
Current price: | 160.04 | |||
Support | S1 | 158.34 | -1.06 % | |
S2 | 157.65 | -1.50 % | ||
S3 | 156.53 | -2.19 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 188.28 | 17.65 % | |
R2 | 186.72 | 16.67 % | ||
R1 | 177.93 | 11.18 % | ||
Current price | 160.04 | |||
Support | S1 | 158.39 | -1.03% | |
S2 | 157.70 | -1.46% | ||
S3 | 156.31 | -2.33% |
FAQ
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