Snowflake stock support test at $303.12: Downside targets to watch

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Snowflake slides 5.41% to $337.18 today

Highlights

Snowflake stock reported fiscal second-quarter product revenue up 37% year over year to $1.49 billion with adjusted EPS of $0.62, both ahead of estimates.
Rapid uptake of Snowflake's artificial intelligence products and a net revenue retention rate of 126% supported strong growth figures and $9.0 billion in remaining performance obligations.
Shares of Snowflake dropped 5.41% and trade below short-term averages with near-term selling pressure, but the stock holds above key medium- and long-term supports as price consolidates in a $303.12 to $371.24 range.

Strong earnings and AI-driven growth counteracted by persistent selloff

On September 2, 2026, Snowflake reported fiscal second-quarter results with product revenue rising 37% year over year to $1.49 billion and adjusted earnings per share of $0.62, both materially surpassing analyst expectations. CEO Sridhar Ramaswamy highlighted that the rapid adoption of Snowflake's artificial intelligence products, such as the CoCo AI coding agent and CoWork enterprise solution, significantly contributed to recent revenue growth, with these platforms reaching over 9,100 and 5,800 accounts respectively, according to Aol. Finance Yahoo reported a net revenue retention rate of 126% for the second consecutive quarter, remaining performance obligations of $9.0 billion, and a notable increase in hedge fund ownership as of June 30, 2026. These fundamentally positive developments provided a strong backdrop, though price action has remained under broader selling pressure.

Momentum signals diverge as price holds key moving averages

Technically, SNOW is trading below the MA-20 ($340.32), while holding above the MA-50 ($331.95) on the hourly timeframe and maintaining position well above the MA-200 ($218.95) on the daily chart. The Ichimoku Kijun level at $344.24 serves as immediate resistance. MACD and ADX both indicate strong buy signals, reflecting underlying trend strength. However, RSI stands at 48.4 and Stoch RSI registers as oversold, signaling increased selling pressure in the short term. CCI and the Awesome Oscillator are neutral, while Bull/Bear Power confirms intraday momentum is dominated by sellers.

Sideways range likely as volatility bands define near-term risk

Over the next several sessions, SNOW is expected to consolidate within a range of $303.12 to $371.24, a volatility band relative to current levels. There is a 67% probability of upward movement, while a downward break is estimated at 33%. The baseline scenario envisions sideways price action within this defined range. A decisive close above $344.24 would open a bullish scenario, while a breakdown below $303.12 could trigger further declines.

Anton Kharitonov, expert at Traders Union, sees fundamental momentum at Snowflake, but technical and sentiment signals remain mixed. While operational results and AI growth are robust, short-term price action is dominated by sellers. The analyst believes further consolidation is likely unless resistance at $344.24 is reclaimed. "Until SNOW can break and hold above $344.24, I remain defensive and do not trust bullish signals at these levels."

In a recent analysis, Snowflake was viewed as maintaining a bullish long-term technical trend despite short-term overbought risks and persistent selling pressure. The current article adds a new dimension by highlighting a shift to oversold short-term indicators alongside continued range-bound price action, with $344.24 as a key resistance level to watch for renewed upside.

Source of Data: SNOW Price Analysis by TU

The analysis is based on a proprietary model combining technical, on-chain, and expert data. Not investment advice. See methodology

The information is based on forecasts and does not constitute investment advice or a guarantee of future results. Market conditions may change. See our Disclaimer and Editorial Integrity for details.