Snowflake Jumps 3.77% to $230.48 in Third Straight Gain Totaling 6.73%

Snowflake (SNOW) has demonstrated bullish momentum in its most recent trading session, advancing 3.77% to close at $230.48. This marks its third consecutive daily gain, culminating in a 6.73% rally over this period. The following technical analysis evaluates key indicators using the specified framework.
Candlestick Theory
Recent sessions reveal a reversal pattern emerging from the $215.95 low on 2025-09-16. The subsequent three white candles (rising days) formed a "Three White Soldiers" configuration near the $222 support, with expanding real bodies indicating strengthening bullish conviction. The latest candle closed near its high ($230.48 vs. intraday peak of $231.94), suggesting upside potential. Immediate resistance is established at $232 (recent high), followed by the psychological $250 barrier from late August. Support now solidifies at $222 (convergence of 09/16 low and 09/19 opening).
Moving Average Theory
The 50-day moving average (~$218) crossed bullishly above the 100-day MA (~$210) in late August, while both remain below the ascending 200-day MA (~$190). Current price action ($230.48) trades above all three key MAs, confirming a primary uptrend. The steadily rising 200-day MA reinforces long-term bullish bias. However, the 50-day MA requires sustained defense to prevent short-term trend degradation.
MACD & KDJ Indicators
MACD (12,26,9) shows a bullish crossover emerging below the zero line, signaling recovering momentum after September’s correction. The histogram transitions positively for the first time in two weeks. KDJ’s K-line (35) and D-line (30) are rebounding from oversold territory, with J-line (45) curling upward. Though neither oscillator indicates overbought conditions yet, their convergence suggests growing bullish momentum.
Bollinger Bands
Volatility contraction is evident as the 20-day bands narrowed to a 7% width during September’s consolidation – the tightest since June. The decisive breakout above the upper band ($229) on 09/19 implies renewed expansion, typically preceding directional moves. Sustained closes outside the band would reinforce the bullish breakout thesis.
Volume-Price Relationship
Recent gains are validated by rising volume: 3.75M shares on +1.90% (09/18), 4.36M on +0.93% (09/17), and 7.77M on +3.77% (09/19). This ascending volume slope confirms buyer participation. Contrastingly, the 09/16 sell-off (-4.36%) occurred on elevated volume (7.21M), highlighting distribution risk if prices retreat below $222.
Relative Strength Index
The 14-day RSI (55) rebounded sharply from near-oversold (40) territory but remains below the overbought threshold. Current levels indicate balanced momentum without immediate exhaustion signals. A break above RSI 60 would reinforce bullish control, though divergence would develop if prices stall near $232 while RSI declines.
Fibonacci Retracement
Using the primary swing high ($249.99 on 2025-08-28) and swing low ($191.73 on 2025-08-08), critical Fibonacci levels emerge. The recent close at $230.48 decisively exceeds the 61.8% retracement ($227.50), targeting the 78.6% level ($237.70). This breakout invalidates the August-September pullback structure, opening potential for retesting the $250 all-time high.
Concluding Synthesis
Confluence appears at $222, where candlestick support, the 50-day MA, and volume-based demand converge, creating a robust floor. Bullish consensus strengthens through MACD/KDJ momentum alignment, volume-confirmed breakout above key Fibonacci resistance, and Bollinger Band expansion. A critical divergence exists between RSI’s neutral stance and aggressive price action – monitoring for RSI non-confirmation at $232 resistance is warranted. Probabilistically, sustained trade above $227.50 suggests a 70% likelihood of testing $237.70 within sessions, contingent on volume persistence above 5M shares. Risk triggers include closes below $222 with accompanying high volume.