Long $SNOW soon!
SNOW has been on a downtrend since Dec 2020. However, the stock looks like it is turning bullish on the daily timeframe where 9EMA has crossed over 21EMA, a bullish reversal sign.
Formation of ascending triangle on the weekly timeframe where 241.59 is a strong resistance level.
Once it breaks above this level, we're looking at more potential upside. On the daily timeframe, the EMAs are coming up to support the price in the triangle, which is one of the indicators I look at indicating possible breakout of the ascending triangle soon. Breakout of triangle with good volume is the trigger for entry.
PT1: 250.62
PT2: 264.02
PT3: longer term 300
SL: beneath triangle when price breakouts.
Formation of ascending triangle on the weekly timeframe where 241.59 is a strong resistance level.
Once it breaks above this level, we're looking at more potential upside. On the daily timeframe, the EMAs are coming up to support the price in the triangle, which is one of the indicators I look at indicating possible breakout of the ascending triangle soon. Breakout of triangle with good volume is the trigger for entry.
PT1: 250.62
PT2: 264.02
PT3: longer term 300
SL: beneath triangle when price breakouts.
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