Snowflake stock holds near key support after post-earnings selloff
Snowflake remains under pressure following its strong quarterly report, as the initial surge quickly gave way to profit-taking. Holding support at $331.50 now becomes critical for the stock’s short-term direction.
343.55
343.55
Snowflake CEO Sridhar Ramaswamy said at the Goldman Sachs conference that AI is beginning to create a “flywheel effect” for the business, with customers making greater use of additional services while AI accelerates data migration and expands the capabilities of the platform.
Snowflake Ventures has also identified enterprise AI infrastructure as one of its key investment areas, including governance, security and infrastructure for AI agents.
The strong quarterly report, however, was followed by a classic sell-the-news reaction. After SNOW jumped 16.55% on September 3, investors began taking profits.
$331.50 becomes the decisive support level
Following the earnings report, Snowflake fell below $363, invalidating the base-case setup outlined earlier. The correction continued, with the stock eventually stabilizing near support at $331.50.
This level now becomes decisive for the next several trading sessions. If sellers push the price below $331.50, the decline could extend toward $318, where the August 6 gap is located.
If buyers defend $331.50, the main recovery target would be resistance at $341.95. This was the local high from August 12 and now represents the nearest upside barrier.
Sell-the-news pressure challenges bullish fundamentals
Snowflake’s fundamental story has not deteriorated materially. If anything, the latest management comments reinforce the view that demand for AI products is accelerating.
The challenge remains short term: the strong earnings report was quickly priced in, after which profit-taking took over. Snowflake’s underlying business momentum is therefore now competing with a technical correction.
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