Snowflake Shows Buying Pressure Ahead Of Q2 Earnings: Will Bullish Momentum Hold Against Long-Term Signals?

Snowflake Inc SNOW stock is down 30.43% year-to-date and 13.37% over the past year.

Let’s look at what the charts indicate for the Bozeman, Montana-based company ahead of its second-quarter earnings on Wednesday, and how the stock currently maps against Wall Street estimates.

Snowflake Longer-Term Outlook Is Less Optimistic

Snowflake faces slight bullish pressure, though its overall trend remains relatively stagnant. See below.

Chart created using Benzinga Pro

The stock is trading at $131.42, slightly above its eight-day, 20-day and 50-day simple moving averages (SMAs) of $126.24, $125.10, and $129.77, respectively, indicating short-term bullish momentum.

However, the longer-term outlook is less optimistic, as the 200-day SMA at $164.92 suggests a bearish signal, with the current price significantly below this level.

Chart created using Benzinga Pro

The Moving Average Convergence Divergence (MACD) indicator at -1.29 further supports a bearish outlook, as does the Bollinger Bands (25) range of $114.75 to $138.39, which positions the stock near its upper band.

The Relative Strength Index (RSI) of 56.01 indicates the stock is treading towards the overbought territory, suggesting caution for bullish traders.

Read Also: Snowflake Stock Before Q2 Earnings: To Buy or Not to Buy?

Snowflake Analysts See 35% Upside

Ratings & Consensus Estimates: The consensus analyst rating on Snowflake stock stands at a Buy currently with a price target of $190.27. The latest analyst ratings from Citigroup, Baird, and Stifel imply a 35.06% upside for Snowflake stock, with an average price target of $177.67.

Wall Street expects 16 cents in earnings per share and $851.20 in revenues when the company reports financials on Wednesday.

Price Action: Snowflake stock was trading at $131 at the time of publication.

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