Snowflake SNOW supplies a single platform for knowledge warehousing, engineering, knowledge science, and knowledge utility improvement. The charts have made a significant decline over the previous 12 months and the selloff doesn’t look to be over. Let’s verify the charts and indicators.
On this day by day bar chart of SNOW, beneath, we will see the share value declined to a low in Might. A restoration rally lasted into August/September earlier than the bear pattern resumed. Costs are buying and selling beneath the declining 50-day shifting common line and beneath the declining 200-day line.
The On-Stability-Quantity (OBV) line reveals us a longer-term pattern decrease telling us that sellers of SNOW have been extra aggressive than consumers. The Shifting Common Convergence Divergence (MACD) oscillator has weakened since September and is beneath the zero line now in promote territory.
On this weekly Japanese candlestick chart of SNOW, beneath, we see a bearish image. Costs are in a longer-term decline as they commerce beneath the negatively sloped 40-week shifting common line. The candles don’t present us a backside reversal sample and we will see higher shadows on the underside of the declining 40-week shifting common line.
The buying and selling quantity has been extra energetic since Might however the weekly OBV line continues to be in a decline telling us that sellers of SNOW are extra aggressive. The MACD oscillator is bearish.
On this day by day Level and Determine chart of SNOW, beneath, we will see a possible draw back value goal within the $111 space.
On this weekly Level and Determine chart of SNOW, beneath, a value goal within the $89 space is projected.
Backside line technique: SNOW is scheduled to report their earnings numbers after the shut of buying and selling on November 30. I’ve no particular data of their numbers however the charts paint a bearish image.
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