Snowflake Inc (SNOW): Price Now Near $192.9; Daily Chart Shows Downtrend on 100 Day Basis

The Hourly View for SNOW

Currently, SNOW (Get Ratings)’s price is down $-1.95 (-1%) from the hour prior. SNOW has seen its price go down 5 out of the past 5 hours, thus creating some compelling opportunities for bears. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

SNOW ranks 352nd in terms of today’s price percentage change out of Business Services stocks.

SNOW’s Technical Outlook on the Daily Chart

At the time of this writing, SNOW’s price is down $-8.53 (-4.24%) from the day prior. This move is a reversal from the day prior, which saw price move up. Regarding the trend, note that the strongest trend exists on the 100 day timeframe. The moving averages on the daily timeframe suggest a choppiness in price, as the are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders. The chart below shows SNOW’s price action over the past 90 days.

SNOW

For SNOW News Traders

Investors and traders in SNOW may be particularly interested in the following story that came out in the past day:

DoorDash, Honest Co., and other recently IPOed stocks tumble amid a broader market sell-off

Summary List Placement Stock prices of newly IPOed companies tumbled on Tuesday with many hitting their lowest points on record amid a broader market sell-off. Shares of The Honest Company , which started trading publicly last week, fell as much as 10% to a post-IPO low. DoorDash fell 5% to an all-time low in early trading before recovering. It now looks on pace to finish the day in the green. However, the food-delivery company is still down more than 30% since the close on its first day of trading in December. Shoals Technologies, Snowflake , C3. Ai , Bumble , and Compass also hit all-time intraday lows on Tuesday. Excitement over newly public companies appears to be dying down as investors take profits off the table amid fears of rising inflation. The Renaissance IPO ETF, which tracks an Index of US companies that have recently completed an IPO is down nearly 13% year-to-date. While it started off the year outperforming the S&P 500, the benchmark index is now up 10.4% year-to-date. This weak performance comes on the heels of red-hot market activity, with 2021 marking one of the hottest years on record for the public-offering market.

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