Here is the top stock trade we’re watching for this week.
Snowflake (SNOW)
Snowflake(NYSE:SNOW) had a nice pop on the day, rallying off its initial post-earnings selloff. However, the stock still finished lower by 4.5%.
Investors now have to keep a close eye on the $126 area. That was this month’s prior low until Thursday morning’s gap down. If $126 doesn’t hold, I believe the low near $113 remains vulnerable.
On the upside, however, the declining 10-day moving average has been resistance. If that changes, $150 and the 21-day moving average are in play. Above that puts $164 on the table.
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