SNOW has had a wild run. Up 88.9% over three months and sitting near 52 week highs. The setup here is pre earnings momentum since the report is Aug 26, so still a few weeks out. Tech is down 2.5% this month and money is rotating hard into energy (XLE up 10.8%) and away from high multiple growth names.
Technicals still look clean. Price is above both the 50 and 200 day, MACD is bullish, RSI is at 58.8 so there is room before overbought. But volume is only 0.5x average and that is the part that bugs me. An 88% run on light volume feels like conviction is thinning out even though price keeps climbing.
Anyone else going after SNOW?