Shares in cloud data-warehouse software company Snowflake (SNOW) dropped 8% in extended trading on Wednesday after a 澳洲幸运5官方开奖结果体彩网:widening net loss and rising costs overshadowed quarterly results that came in ahead of expectations. Moreover, despite the firm raising its annual revenue outlook, it left its 澳洲幸运5官方开奖结果体彩网:gross margin forecast unchange𒉰d, also🎐 possibly contributing to after-hours weakness.

The Bozeman, Montana-based company’s stock, which has tumbled around 43% from its 2024 high through Wednesday’s close, remains out of favor with investors after 澳洲幸运5官方开奖结果体彩网:naming a new CEO in February and disclosing a cyberattack in late May in which data of several high-profile clients, including telecom giant AT&T (T) and TicketMaster-parent Live Nation (LYV), was compromised.

Below, we take a closer look at Snowflake’s chart and use 澳洲幸运5官方开奖结果体彩网:technical analysis to identify important price levels to watch out for amid the stock’s projected post-earnings sellꦇ-off.

Falling Wedge Breakout Put to Test

Since topping out in early February, Snowflake shares formed a 澳洲幸运5官方开奖结果体彩网:falling wedge, a chart pattern that signals a poten🦂tial upward price mo꧅vement. 

Indeed, the stock broke out from the wedge earlier this month following a rally from its lower 澳洲幸运5官方开奖结果体彩网:trendline, with volume inching higher ahead of the company’s quarterly results, indicating investors were positioning for a post-earnings move. However, that move looks to be lower, as shares fell 8% to $1🃏24.23 in after-hours trading.

Amid a post-earnings fall, investors should monitor three lower chart ൩levels where Snowflake shares could attract buying interest.

Lower Price Levels to Monitor

The first sits around $123, an area where the shares may encounter support near the June 澳洲幸运5官方开奖结果体彩网:swing low, which also corresponds with a range of recent prices 𝕴situated close to the falling wedge pattern’s top trendline.

A failure to hold this level could see the shares slide to the $108 region, where they may attract buying interest near the wedge pattern’s low, which also marks the stock’s 澳洲幸运5官方开奖结果体彩网:52-week low.

Finally, if the stock makes a similar downward trending move to its most recent leg lower from early July to early August, the price🎉 could fall to the wedge’s lower trendline around $95. We project this by taking the bars pattern from the down trending move and positioning it from Wednesday’s high.

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As of the date this article was written, the author does not own any of the above securities.