SNOW is up 30% in 2 weeks, but still down over 57% in the past 7 months. SNOW rose above its steep 4-month downtrend line this month (chart 1 and the zoom chart). The turning point for SNOW was its ability to hold its IPO price of 120. (long-term chart). TPA’s target is +50%, which is only the March-April highs.
- ETSY rose above its 7-month downtrend line this month. The recent rally also puts ETSY above its 4-month downtrend line. ETSY accomplished a double bottom in May and June, which signals a support level. The recent lows also line up with long-term support from 2020 (weekly chart).
SHOP rose above its steep 2021 downtrend line this month. SHOP is still down over 75% in 2022. SHOP also rose above its less steep 3-month downtrend line in June. SHOP is also at support from its 2019 breakout level.
Jeff Marcus founded Turning Point Analytics (TPA) in 2009 after 25 years on trading desks and 13 years as a head trader to provide strategic and technical research to institutional clients. Turning Point Analytics (TPA) provides a unique strategy that works as an overlay to clients’ good fundamental analysis. After 10 years of serving only large institutions, TPA now offers its research services to mid and small managers, RIA’s, and wealthy sophisticated individuals looking for a way to increase their returns and outperform their peers.
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