Blue Chip Daily Chart of the Week:
Stop level: 234.40
please see chart analysis below
- Snowflake, SNOW, is one of our top technical ideas going into the week and is on this week’s Members Top 25 list.
- SNOW is trading over 4 rising moving averages, indicating an uptrend on multiple time frames.
- SNOW had a 57% drawdown off of the December highs, but has been trending higher since the May lows.
- SNOW broke out last week to a 5-month high, reclaimed the 200-sma over the last two weeks and has been holding the rising 50-sma since mid-June.
- SNOW has also made a series of higher lows since mid- June as well.
- 250-260 is a near-term support range and 230-235 is key longer-term support.
- SNOW first went onto our Members Only High Beta list on 6/20/21 at 249.40, and has been on our weekly lists 4 times since then.
- SNOW is a higher beta growth stock and also reports earnings later this month, two factors to be aware of.
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Have a great week,
Disclaimer – Blue Chip Daily Trend Report