Opportunistic Buy Signal for Snowflake
+11.80%current return
"And then data analytics firm Snowflake, S-N-O-W. That's an easy ticker to remember. Had a huge earnings move several weeks ago. Stock came down, tested the 21-day line. Looks like it's trying to break out of a little downtrend here. ... Maybe in a week and a half, we'll have a base that starts with this earnings gap up. But, you know, you can see, especially on a weekly, there's sort of a draw the line kind of situation where, where's the bulk of the base? It's clearly right around that level, just around, like, say, just above 230. It's like 232."
— Ed Carson
The discussion on Snowflake indicates that after a recent earnings move and a pullback to the 21-day line, the stock is showing signs of a breakout from a short-term downtrend. The analyst sees an opportunity if the stock can clear its short-term highs and establish a new base around the 232 level, suggesting a potential buying opportunity in the near term.
Medium ConvictionScore: 7.8
Stock Idea •Stock Market Today With IBD • 23 days ago