Snowflake Price Levels to Watch as Stock Pops 20% on Strong Earnings, Outlook

Core Insights - Snowflake shares surged 20% in after-hours trading following better-than-expected earnings and an increased revenue outlook for fiscal 2025 [2][3] - The company now anticipates product revenue of $3.43 billion for fiscal 2025, up from a previous forecast of $3.36 billion, driven by software demand and public sector opportunities [2] - Snowflake has entered a multiyear partnership with AI startup Anthropic and plans to acquire Datavolo, an open data integration platform [3] Technical Analysis - Between September and October, Snowflake shares formed a double bottom pattern, indicating a bullish reversal [5] - The stock is positioned for further gains after successfully retesting the neckline of the double bottom pattern ahead of earnings [5] - Key overhead price levels to monitor include $145, $165, $182, and a psychological level of $200, with significant support expected around $125 [7][9][11] Price Levels - The first key level to watch is around $145, just above the 200-day moving average, with potential buying interest during intraday dips [7] - A follow-through buying could push shares to $165, where resistance may occur due to previous swing highs [8] - The next level to observe is $182, with potential selling opportunities for investors who bought at lower prices [8] - A bullish scenario could see a retest of the $200 level, approximately 55% above the recent closing price [9] Support Levels - During pullbacks, the $125 level is crucial as it may serve as significant support from the double bottom pattern's neckline [11]