Snowflake, Inc SNOW, steadfast in the days before its fourth-quarter earnings report on Wednesday, held steady near equilibrium, mirroring a calm lake surface.
Rewind to November 29, when Snowflake unveiled its third-quarter results, causing ripples in the market. The day following, the stock danced with volatility, closing up about 7%, a precursor to its subsequent uptrend which culminated in a peak at $237.72 by February 12.
During that fruitful quarter, Snowflake reported $734.17 million in revenue, edging out the $712.78 million consensus estimate. With an impressive earnings per share of 25 cents, trumping the expected 16 cents, investors were further encouraged.
Looking ahead to the fourth quarter, analysts predict Snowflake will reveal earnings per share of 18 cents on revenues totaling $759.253 billion, setting the stage for market expectations.
Drawing from the technical analysis playbook, Snowflake’s stock presents a bullish façade leading up to the earnings release, possibly carving out a hammer or doji candlestick pattern. Nestled just below the February 12 pinnacle, the stock prepares for a decisive move, akin to a chess grandmaster eyeing their next strategic maneuver.
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The Snowflake Chart: Snowflake, a ship lost in a sea of consolidation since February 12, wandering aimlessly between $213 and $236. On Wednesday, however, investors witnessed a momentary dip to $226.55, a siren call enticing brave souls to action, prompting the stock to surge from its doldrums.
- The slight retreat coupled with a resurgence has Snowflake poised to craft a doji or hammer candlestick on the daily chart. Should this signal be acknowledged and met with a positive earnings reaction, investors may witness the stock soar to new heights come Thursday, a phoenix rising from the ashes.
- Contrastingly, naysayers yearning for a slide in fortunes must wish for a dismal market response, plunging Snowflake below Monday’s nadir. Should this dark prophecy come to pass, a new downward spiral beckons, with the potential for intensified negative pressure.
- On the horizon, Snowflake faces barriers at $232.30 and $255.25, with sanctuary lying below at $213 and a final refuge at $200.
- Featured image sourced from Shutterstock
