Snowflake Melts Resistance: Can Q1 Earnings Spark A Fresh Flurry Of Gains?

Snowflake Inc. SNOW is skating into its first quarter earnings report with momentum on its side and charts flashing bright. The company is set to report after market hours today, with Wall Street expecting earnings per share of 21 cents and $1.01 billion in revenue.

The stock is up 10.84% over the past year, down 14.50% year-to-date, but it has caught fire lately – rallying 31.64% in just the past month. Let's dig into what the charts are signaling ahead of the print, and how analysts see things playing out.

Read Also: Snowflake Earnings Are Imminent; These Most Accurate Analysts Revise Forecasts Ahead Of Earnings Call

Snowflake Stock Moderately Bullish Ahead Of Q1 Earnings

Chart created using Benzinga Pro

Technically, over a short period, Snowflake stock has broken past all major resistance and climbed above medium-to-long-term moving averages. The stock is in a moderately bullish trend with signs of continued buying interest. At $181.35, it is well above its key short—and long-term moving averages.

• Eight-day Simple Moving Average (SMA): At $181.92, the stock lies right below it
• 20-day SMA: $171.96
• 50-day SMA: $158.07
• 200-day SMA: $147.90

These levels show strong upward momentum, with bullish signals across the board. The Moving Average Convergence Divergence (MACD) indicator is at 7.82, reinforcing the bullish sentiment. However, the Relative Strength Index (RSI) has climbed to 69.61, suggesting the stock may be approaching overbought territory – a sign for investors to watch for potential short-term pullbacks or consolidation.

Snowflake Analysts See 15% Upside

Ratings & Consensus Estimates: Analysts remain upbeat, with a Buy consensus rating and a $198.28 average price target. The three most recent reports – from JMP Securities, Jefferies, and Rosenblatt – suggest an even higher implied upside of 15.09%, with an average target of $208.67.

SNOW Price Action: SNOW stock was trading lower by 1% at $181.04 at the time of publication Wednesday.

Read Next:

• Snowflake Eyes Q1 Momentum As AI Partnerships Stack Up: Goldman Sachs

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