GUESS THE TICKER: “a licky boom boom now”


Dear Trader,

This one really dates me (and anyone out there who gets the reference)

It’s a tough one, so here’s another clue…

If you guessed Snowflake Inc. (SNOW), you’re an absolute specimen.

Today’s stock is one that’s only been trading for a little over a year…

You all know I hate IPOs, but this is around the time where I start take a closer look at companies that may have sparked my interest back when they went public.

“Smart Money” likes the company as well and options volume is plenty, so let’s get into the chart:

I’m giving you a fish-eye lens of the daily chart so you can see just how wide the price range has been.

You can see SNOW traded for nearly $430.00 at one point –

But does that mean the current $154.08 is a discount?

What I’m digging about SNOW is the base that has been building since June of 2022…

Conventional wisdom says you should look for a 3-6 month base on “turnaround” stocks.

This is an idea that I detest.

Why? Because investors will write off an idea entirely if it bases for longer.

However, relative to the broader market, SNOW has performed well, only trading sideways.

The buy level seems obvious… but this is where it gets tricky.

Support looks to have held strong in the $120’s.

Resistance is moving though…

The 200ema is the green moving average I’ve marked with the flag and you can see it’s been tested a total of four times over this base, twice in the last month.

Mark it for ~$160.00.

And the last test yielded a swift rejection.

On the lower chart, the histogram on the TTM Squeeze is falling and the dark green color tells us that bulls are losing momentum…

If SNOW is to move lower, I’d put on an initial position in the $120.00-$130.00 range with plans to grab some at lower prices.

The “cut bait” signal would be one to two daily closes below ~$110.00…

With no chart history below this area and Support resting above, there’s no telling where it falls.

Keep moving,


This material is not an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Any performance results discussed herein represent past performance, not a guarantee of future performance, and are not indicative of any specific investment. Due to the timing of information presented, investment performance may be adjusted after the publication of this report. There can be no assurance that the future performance of any specific investment, investment strategy, or product made reference to directly or indirectly in this communication will be profitable, equal any corresponding indicated historical performance levels or be suitable for your portfolio.

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