Snowflake stock forecast: Can SNOW break $330 ahead of earnings?
Snowflake shares have climbed back toward $329 staying above the forecast of $300. Stronger sentiment around AI is supporting buyers, while the approaching September 2 earnings report is gradually increasing event risk.
SNOW rose 4.36% to $329.11 amid a rally across AI and software stocks. Nvidia’s solid earnings report made investors more confident in the durability of the AI cycle. Salesforce results gave extra support to enterprise software names.
Barclays raised its price target for Snowflake to $332 from $285 providing another boost. The bank kept an Equal Weight rating pointing to AI traction and resilient demand but it expressed caution, about how fast growth may accelerate in the second quarter.
Breakout above $330 could reopen the path toward $341.95
Nvidia’s report materially improved sentiment around SNOW, so the setup that was discussed earlier did not materialize. The stock did not fall toward $300 and instead recovered to around $329.
The key level for today is the short-term descending trend line near $330. A clear break and a move that stays above it would make it possible to reach the local high at $341.95.
If buyers fail to clear $330, the probability of a pullback toward the nearest support at $318 would increase noticeably.
Earnings risk will increasingly dominate price action
As Snowflake’s September 2 earnings report approaches, volatility could continue to rise. Until early next week, short-term traders may still consider holding positions overnight, but that approach becomes significantly riskier immediately before the release.
A post-earnings gap could develop in either direction regardless of the preceding technical structure. As September 2 approaches, risk control therefore becomes more important than trying to predict the next move in advance.
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