Salesforce has seen a significant drop of 31% this year, primarily due to concerns over potential disruptions from artificial intelligence. Woods identifies a critical support level at $167 and suggests that if the stock can break above $180, it could rally to $210. Currently, Salesforce shares are trading around $181, up 0.9%.
In contrast, Snowflake has decreased by 18% year to date but appears to be breaking a downtrend, with Woods noting a favorable risk-reward setup. He points to $202 as a key resistance level and $154 as near-term support, with Snowflake shares currently up over 3% at around $178.
Both companies are set to announce their earnings after the market closes on Wednesday, making this a pivotal moment for investors in these stocks