Snowflake Gets Spillover Selling From AT&T Hack
Here's what we expect from SNOW shares going forward.
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Data storage, processing, and analytic solutions firm Snowflake SNOW is selling off Friday on the heels of the reported AT&T T data breach. SNOW has seen its shares decline alongside T Friday morning reflecting investor concern over implications of the incident.
Let's check out SNOW.
In the daily bar chart of SNOW, below, I can see that the shares have been in a "tailspin" since February. Prices trade below negatively sloped 50-day moving average line and the negatively sloped 200-day moving average line.
Trading volume has increased the past seven or eight weeks and suggests we are seeing some traders vote with their feet. The On-Balance-Volume (OBV) line has been weak since late February but shows a slight uptick in recent days. The Moving Average Convergence Divergence (MACD) oscillator is below the zero line.
In the weekly Japanese candlestick chart of SNOW, below, I can see that prices have been struggling since February. SNOW trades below the declining 40-week moving average line.
The weekly OBV line is in a weakening trend. The MACD oscillator is below the zero line.
In this daily Point and Figure chart of SNOW, below, I can see a price target in the $124 area.
In this weekly Point and Figure chart of SNOW, below, I can see a price target in the $81 area.
Bottom-line strategy: The charts and indicators of SNOW suggest we could see further declines in the weeks ahead.
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