My Trade Plan:
- Entry Price : Mid $320’s if possible on Tuesday
- Target Price : $350 near the 100/200 hourly SMA
- Stop Price : $310 under pivot lows from last Thursday
- Higher-risk “spicy” idea: SNOW Dec 31 2021 350 Call near $6.50
- More conservative idea: SNOW Dec 31 2021 320 Call near $20
SNOW Snowflake Inc. (SNOW) - Bullseye Pick of the Week
Original Alert went out on December 20, 2021.
From a technical outlook, I see buyers stepping in near the $325 level similar to early December where they made the prior pivot low.
If they can, there is a lot of room to the upside for a run back towards the 100 and 200 hourly moving averages, with the pivot high near $375 as a possible distant target for bulls looking to hold on for the ride.
I do expect things to be volatile, so I want to give this trade ample room to trade. I plan to stop out if this breaks the “panic low” we saw on Thursday last week, around $310.
On the upside, I think SNOW could rally back into the $350’s or higher before the end of the year. I don’t want to chase this trade right out of the gate on Monday, I do think we will get a dip into the mid-$320’s by Tuesday and that’s where I want to get started.