Snowflake Inc. stock trades under the ticker SNOW & has recently shown technical strength, making it an interesting candidate for a short-term trade.
SNOW stock had a bullish MACD crossover yesterday, while going up 6.63% to close at $300.71.
SNOW Stock Price: $300.71
10 Day Moving-Average: $281.66
50 Day Moving-Average: $308.90
200 Day Moving-Average: N/A
RSI: 54
Yesterday’s volume for SNOW was the third highest level since 2021 began, with the upper wick crossing the 50 Day Moving-Average.
SNOW stock does not have a 200 Day Moving-Average yet, as it is still relatively new.
Snowflake looks to have built some positive momentum, making it a prime candidate for a short-term trade.
Looking at SNOW options, the $307.50 calls & puts look the most appealing from a long perspective as a means of having some insurance against any near-term pullback.
From a selling perspective, selling the $330 calls that expire 2/5 seems like a safe opportunity, with decent open interest (322), and selling the $285 put for the same expiration also offers a decent premium, with about half of the open interest (162).
Overall, Snowflake Inc. stock looks to have a lot of opportunities in the near-term for traders to capitalize on.
*** I DO NOT OWN SHARES OF SNOW STOCK ***