Technical Analysis: SNOWFLAKE (#SNOW)

Snowflake Inc. is a cloud-based data-warehousing company that was founded in 2012. Before going public, it has raised more than $1.4 billion in venture capital, and is based in San Mateo, California. It was publicly launched by Bob Muglia in 2014 after two years in stealth mode.

Snowflake had on the last months of 2020 I strong run up till USD 420.00 but then started a fall of approx. 36%.

We believe USD 260.00 represent a strong area of support, it is important to notice that this level was previously resistance during the first month of trading.

From a technical perspective, the MACD seems finally sloping up together with a RSI that is leaving the oversold territory.

Thanks to Fibonacci extensions level, we believe #SNOW is now at an interesting level for a reversal.

We see the first resistance be at the 50MA, if this gets broken the second target would just below the 38.2% Fib extension level

Buy price USD 281.25

1 PT USD 313.00

2 PT USD 340.00

SL USD 260.73

OTB Global Investments

London, 2 February 2021