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Snowflake Inc. (NYSE: SNOW) stock is trading nearly 3% lower on Monday as investors pull back from technology stocks amid a broader market rotation.
The Nasdaq Composite fell 0.72%, while the S&P 500 slipped 0.11%. Technology was the weakest sector, declining 1.3%.
Despite Monday's decline, Snowflake remains in a bullish long-term trend.
The stock trades 6.1% above its 20-day simple moving average (SMA), 8.2% above its 50-day SMA and 54.9% above its 200-day SMA.
Moreover, the moving average convergence divergence (MACD) indicator remains above its signal line, suggesting positive momentum.
A golden cross formed in July, when the 50-day SMA moved above the 200-day SMA, further supporting the bullish trend.
Traders are watching resistance at $384.50, near the 52-week high of $384.56. Meanwhile, support stands around $317.
The stock carries a consensus Buy rating and an average price forecast of $427.91.
On Monday, Needham maintained its Buy rating and $450 price forecast.
Previously, Goldman Sachs raised its price forecast to $436 while maintaining a Buy rating. Macquarie increased its forecast to $350 while keeping a Neutral rating.
Snowflake holds a strong Momentum score of 98.32 on the MarketDash Edge Rankings.
The reading highlights the stock's recent trend strength despite Monday's pullback.
Snowflake has significant exposure through the Global X Cloud Computing ETF (NASDAQ: CLOU), with a 7.14% weighting, followed by the Neuberger Berman Disrupters ETF (NYSE: NBDS) at 4.80% and the Fidelity Cloud Computing ETF (NASDAQ: FCLD) at 4.44%.
Snowflake shares were down 2.70% at $358.93 at the time of publication Monday, according to market data.
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