SNOW just wrapped up its best quarter on record
Artificial intelligence (AI) name Snowflake Inc (NYSE:SNOW) stock is down 3.1% to trade at $216.90 at last glance, looking to snap its three-day win streak with its worst single-day percentage loss since April. The stock just wrapped up its best quarter on record, however, and scored a June 25, 52-week high of $225.68, with long-term support from the 20-day moving average. Today's breather may be short lived, too, as the security is now flashing a historically bullish signal.
Snowflake stock's recent peak comes amid low implied volatility (IV), per its Schaeffer's Volatility Index (SVI) of 29%, which stands in the 2nd percentile of annual readings. This has occurred three other times in the past five years, after which the equity was higher one month later with a 6.2% pop. From its current perch, a similar move would place SNOW back above $230 for the first time February 2024.
Options traders already lean bullish. This is per the security's 10-day call/put volume ratio of 4.19 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which ranks higher than 90% of readings from the past year.