SNOW fell about 37% from ATH, a move that was catalyzed by the H&S break out. It is currently finding support for the 3rd consecutive day on the .786 fib retracement level. I added a few more shares to my position here with a very tight stop loss in case it continues to move down. Stochastic is curling up, which signals a potential change in the trend. Seems to the a good place to start a reversal, even if it turns out to be a slow one.
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***THE IDEAS SHARED HERE ARE MY OPINION. THIS IS NOT FINANCIAL ADVISE TO PLACE TRADES. PLEASE DO YOUR OWN RESEARCH AND ANALYSIS BEFORE BUYING/SELLING STOCKS.***
***If you get anything out of this TA, please like and follow for future updates and more TA. Thanks a lot!***
***THE IDEAS SHARED HERE ARE MY OPINION. THIS IS NOT FINANCIAL ADVISE TO PLACE TRADES. PLEASE DO YOUR OWN RESEARCH AND ANALYSIS BEFORE BUYING/SELLING STOCKS.***
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Nice bullish candle printing at the moment. There is some overhead from the 50/21/14 emas so Snow has some work ahead but we already had an 8% gain this morning. RSI and Stochastic curling up and showing some positive momentum.
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Snow just broke above the 50-ema resistance on the daily. It is up over 11% at the moment, This is a nice bullish candle with some decent (though not above average) volume. This can change (obviously) but this is the type of action you want to see on a trend reversal.
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Closed the daily with 13.5% gains!
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At the $320 resistance. If SNOW breaks above the next stop is $355, at which point I would start taking profits:
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One thing to keep in mind is that millions of shares were released from the lockdown yesterday. I believe we didn't see a sell ff because the price was already very low due to people selling in anticipation of a price fall yesterday. However, those shareholders who got shares early may be waiting for a push higher to start unloading their shares. They are all looking at the same resistance levels as the rest of us (such as the $320 mark, where the price just fell from) so there might be a bumpy road ahead for SNOW.
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SNOW just finished filling the gap in today's opening. Normally, when gaps are filled the asset continues the move in the previous direction of the trend:
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SNOW is still falling. Holding on to that last moving average. If it breaks below we could revisit the level where the price reversed and depending on how it reacts there we could see lower prices:
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Placed a stop at $293 in case the 50-ema on the daily and other emas on the 4hr and 1hr chart are broken.
