Snowflake (SNOW) shares jumped 20% in extended trading on Wednesday after the data analytics software maker reported better-than-expected earnings and boosted its revenue outlook.

The company said it now sees fiscal 2025 product revenue, which accounts for around 96% of total sales, coming in at $3.43 billion, up from its earlier forecast of $3.36 billion, boosted by demand for its software offerings and growing opportunities in the 澳洲幸运5官方开奖结果体彩网:public sector.

Separately, the company announced on Wednesday that it has inked a multiyear partnership with Amazon (AMZN)-backed 澳洲幸运5官方开奖结果体彩网:artificial intelligence (AI) startup Anthropic and agreed to acquire Datavolo, an open data integration platform.

As of Wednesday’s close, snowflake shares had tumbled around 35% so far this year, weighed down by 澳洲幸运5官方开奖结果体彩网:valuation concerns and the departure of the company’s former CEO in February. The stoꦦck rose 20% to $154.70 in after-hours trading Wednesday.

Below we navigate Snowflake’s chart using 澳洲幸运5官方开奖结果体彩网:technical analysis and point out important post-earnings price levels that i🦄nvestors may be watching.

Double Bottom Neckline Retest

Between September and October, Snowflake shares carved out a 澳洲幸运5官方开奖结果体彩网:double bottom, a classi꧂c chart pattern that indicates a bullish reversal.

More recently, bulls successfully defended a retest of the pattern’s neckline ahead of earnings, setting the stage for further gains. Indeed, the🎐 stock sits poised to commence its next leg higher following t🥀he company’s better-than-expected quarterly results.

Let’s identify four key overhead levels on Snowflake’s chart that may come into play amid a post-earnings rally and also point out a major 澳洲幸运5官方开奖结果体彩网:support level to monitor during retracements.

Key Overhead Levels to Watch

The first level to eye sits around $145, just above the 澳洲幸运5官方开奖结果体彩网:200-day moving average. Although the stock looks set to open decisively above this level on Thursday, intraday dips may find buying interest near a key 澳洲幸运5官方开奖结果体彩网:horizontal line that connects multiple troughs with the prominent July peak.

Follow-through buying could see the shares climb to the $165 level, a location where the price may run into overhead resistance near several 澳洲幸运5官方开奖结果体彩网:swing highs that formed on the chart in Oct𒉰ober 20𒆙23, March and May.

The next higher level to watch lies around $182. Investors who have purchased the stock at lower prices could look to sell shares near a brief period of 澳洲幸运5官方开奖结果体彩网:consolidation following the November 2023 gap, which also aligns wi♕th sev👍eral troughs in January.

Finally, a more bullish move may lead to a retest of the 澳洲幸运5官方开奖结果体彩网:psychological $200 level. This region, which sits about 55% above Wednesday’s closing price, could provide selling pressure near a series of minor peaks that formed on the chart between December 2023 and January just below the stock’s 澳洲幸运5官方开奖结果体彩网:52-week high.

Major Support Level to Monitor

During 澳洲幸运5官方开奖结果体彩网:pullbacks, investors should keep an eye on the $125 level. This area on the chart would likely encounter significant support from the double bottom pattern’s neckline, whi♏ch may flip🍷 from a place of prior resistance into future support.

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