Snowflake Inc.שורט
Snowflake is Melting...
If we zoom out onto the weekly chart here, you can see SNOW is taking a clear beating, dropping 7.16% to $119.77. The stock has broke through key support levels, and the bearish trend is clear with descending channels signaling more downside. With increased selling pressure and volume spiking, it's not looking good, imo. If the support around $115 doesn't hold, we could see even more declines (especially with VIX over 20!). It's probably time to be cautious and watch for any signs of a bottoming action before considering any moves.
SNOW is taking a clear beating, dropping 7.16% to $119.77. The stock has broke through key support levels, and the bearish trend is clear with descending channels signaling more downside. With increased selling pressure and volume spiking, it's not looking good, imo. If the support around $115 doesn't hold, we could see even more declines (especially with VIX over 20!). It's probably time to be cautious and watch for any signs of a bottoming action before considering any moves.
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