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Snowflake initiates breakout as momentum turns bullish: time to accumulate?
SnowflakeSnowflake(US:SNOW) Invezz·2024-01-24 20:06

Snowflake Inc. (NYSE:SNOW) was at the centre of buyer interest on Wednesday as the stock rose by over 3%. A technical analysis shows the stock had initiated a breakout at 195.Withnonotablestockmarketnewsresponsibleforthegainsontheday,weinvestigatethisstockfurther.Snowflakeisabeatendownstock,tradingatjust195. With no notable stock market news responsible for the gains on the day, we investigate this stock further.Snowflake is a beaten-down stock, trading at just 205, less than half its record 427inDecember2020.ThestockisalsoashellofitsNovember2021highof427 in December 2020. The stock is also a shell of its November 2021 high of 404. However, Snowflake has been impressive in the last year, gainin ...