Snowflake Stock Looks Ready to Spring Higher

SNOW could soon reclaim the $185 region

Digital Content Manager
Jul 6, 2023 at 3:54 PM
facebook X logo linkedin

Snowflake Inc (NYSE:SNOW) stock is up 0.2% at $172.85 at last check, bucking today's broader market pullback. The equity recently ran into resistance at the $195 region, but still boasts a 20% lead for 2023, and could soon sprint even higher thanks to a historically bullish signal now flashing.

According to Schaeffer's Senior Quantitative Analyst Rocky White, Snowflake stock is trading within one standard deviation of its 50-day moving average. The equity has seen seven similar signals in the past three years, and was positive one month later 86% of the time, averaging a 7.9% gain. A comparable move would place SNOW back above $185.

SNOW 50 Day

Options traders lean bullish. This is per SNOW's 10-day call/put volume ratio of 2.25 over at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which sits higher than 87% of readings from the last year. This means calls have been picked up at a much faster-than-usual rate clip in the last two weeks. 

Now could be an ideal time to weigh in with options, too. This is per SNOW's Schaeffer's Volatility Index (SVI) reading of 46% that stands in the low 6th percentile of its 12-month range, indicating these traders are pricing in lower-than-usual volatility expectations.


Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on calls
238.5% GAIN on Oracle calls



Rainmaker Ads CGI