From TradingView · · 1m 20s
A $316 line is the whole trade
A trader bets Snowflake's post-earnings selloff is just noise above a trendline that has not broken.
In brief
A trader bets Snowflake's post-earnings selloff is just noise above a trendline that has not broken. The thesis rests on one level: hold $316 and the path to a new high stays open, lose it and the setup is gone. Originally reported by TradingView.
Good numbers, red candle
Snowflake posted blowout earnings and the stock sold off anyway. The trader reads that gap between results and price as an opportunity, not a warning.
“SNOW had blowout earnings and sold off.”
The line at $316
Support sits on a rising trendline near $316. That level, not the earnings report, is what the call actually hangs on.
“We have support trendline at $316 ish”
Twenty to thirty a day
Daily swings of $20 to $30 are normal here. Anyone sizing this trade has to survive that noise before the thesis gets a chance to play out.
“Quite the volatile stock with $20-30 daily moves being the norm”
New highs over $400
The target is a fresh all-time high above $400 within weeks. That is roughly a 25 percent move from the support line being defended.
“We should print new ATH in coming weeks over $400”
Who is calling it
The post comes from a TradingView user handled ShortSeller76, tagged long, filed under chart patterns and trend analysis. One person's read, published openly.
Not advice
TradingView states plainly that posts on the platform are not financial or investment advice and carry no endorsement. Treat the $316 line as a hypothesis to test, not a signal to follow.
“The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice”
What to remember
The thesis rests on one level: hold $316 and the path to a new high stays open, lose it and the setup is gone.
