Chart Update 7/14
SNOW generated a 5% drop in price this week (based on the weekly closes) and closed in the lower half of the week’s trading range, suggesting further downside below last week’s low at 132.20 will be seen this week. The drop seen was further exacerbated by a downgrade that occurred on Friday when Piper Sandler downgraded the stock from an upside objective of $240 down to $165. Having said that, this move down is likely to become the needed/required retest of the 18-month low at 122.60, which was made a few weeks ago. Intraweek support is found at 128.76, which should hold up if seen. Nonetheless and in looking at the daily closing chart, the breakout of the downtrend occurred when the daily close resistance at 130.67 was broken and that level is now support that should hold up if seen. Overall, the outlook for the stock fundamentally and chart-wise remains bullish and that means that once this retest of the low is over, a short-to-midterm rally will likely start with a chart objective that could be as high as $200. Nonetheless, there is weekly close resistance at 161.86 and at 184.18 that will likely stop the rally temporarily or overall. In looking at the daily closing chart, any daily close above 143.02 would likely mean the $160 level will be seen.
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