SNOW
has been in a falling pendant for weeks now, and I have continually expected it to break upwards. Now it finally seems to be making an upward move. It has held above a significant resistance/support range at 298-300 for several days, and it has bounced strongly off of that range on the hourly, intra-day chart. Possible resistance/target price points on the chart. I expect resistance around 320 to be the most significant. However, because SNOW has consolidated above 300 for several days now, I expect it to finally be able to break above 320 and make a significant run upwards next week.
Earnings are coming up in early March, which will also attract increased interest in SNOW over the next few weeks.
Stop loss at around 298, and if it does break 298, watch for it to find support around 285 or 265. If it finds support at either price point, I would pick up shares or long term, at the money options/leaps. Both price points have provided significant support (daily and intraday), and I think SNOW is a great long term investment.
Current positions:
- SNOW 02/19/2021 270.00 C
- SNOW 02/19/2021 300.00 C
- SNOW 03/19/2021 290.00 C
- SNOW 03/19/2021 305.00 C
Obviously these are my own opinions, so please do your own research and invest wisely.