Snowflake (SNOW) breaks out from big base

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Snowflake (SNOW): Bullish breakout from a massive base

Snowflake (SNOW) is breaking higher from a large base formed off the 2022 and 2024 lows. Holding above the 230s would keep this upside breakout intact and support further strength toward the big base pattern objective near 365.

There is also an earlier 2024-2025 base breakout that projects to 280, a level the larger base pattern suggests SNOW should ultimately surpass. The 214 area, representing the last higher low before the most recent big base breakout, provides additional tactical support.

Rising 13-, 26-, and 40-week moving averages near 219, 206, and 192, respectively, reinforce a bullish intermediate-term trend.

On a relative basis, SNOW has been a leader vs. the S&P 500 (SPX) since late 2024. Sustaining the rally above its declining 200-week moving average relative to the SPX would further confirm this leadership trend and strengthen the long-term bullish case.

Chart 1: Snowflake (SNOW) (top) and relative to the S&P 500 (bottom)