Snowflake, Inc ( SNOW ) was volatile on Thursday, popping up almost 4% higher at one point before falling almost 8% from the high-of-day in reaction to the company's mixed first-quarter earnings print.

For the quarter, Snowflake reported revenue of $828.7 million, which beat the $785.87-million consensus estimate. The company reported earnings per share of 14 cents, missing a consensus estimate of 18 cents.

In contrast to Snowflake's earnings reaction, NVIDIA Corporation ( NVDA ) was surging over 10% after reporting its first-quarter earnings, which Benzinga pointed out was likely to happen on Wednesday.

Snowflake could begin to follow Nvidia ( NVDA ) higher over the coming weeks and months, however, because on Thursday morning, the company's CEO Sridhar Ramaswamy hinted Snowflake may increase its collaboration with the chipmaker.

From a technical analysis perspective, Snowflake's stock looks neutral over the short term, trading in a fairly consistent uptrend but heading toward the 200-day simple moving average, which is likely to act as strong resistance.

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Bullish On Snowflake? Traders and Investors looking to play the possible upside in Snowflake stock but with diversification may choose to take a position in the Spear Alpha ETF ( SPRX ) . SPRX is an actively managed fund offering investors the opportunity to achieve more than passive tracking of the broader market. Some of the fund's most popular holdings include Nvidia ( NVDA ), weighted at 9.79% and Advanced Micro Devices, Inc ( AMD ) weighted at 8.93%. Snowflake is also a top holding in the fund, weighted at 7.31%.

SPRX invests in companies capitalizing on emerging trends in industrial technology, aiming to uncover undervalued opportunities within various value chains aligned with themes such as enterprise digitalization, automation, AI, environmental focus, photonics, additive manufacturing, and space exploration. The ETF, traded on the Nasdaq exchange, targets long-term capital growth and is up about 43% over the last 12 months. The ETF is also trading in a strong uptrend.

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The Snowflake Chart: Snowflake has been trading in an uptrend since April 22, making a fairly consistent series of higher highs and higher lows. The most recent confirmed higher high was formed on May 16 at $165.88 and the most recent higher low was printed at the $155.42 mark on May 10.

On Thursday, Snowflake retraced to the $155.40 level and bounced up from that area, which caused the stock to print a double bottom pattern. The pattern is considered to be bullish and could indicate a longer-term uptrend is in the cards.

Snowflake also printed a new high on Thursday, although Friday's candle will need to print before it can be determined whether the high-of-day is the next local high within the uptrend. A likely scenario is that Snowflake will trade sideways on Friday to form an inside bar pattern, which would also be bullish.

Bearish traders want to see Snowflake struggle to regain the 200-day SMA and then for big bearish volume to break the stock down under Wednesday's low. If that happens, the uptrend will be negated and a downtrend may be on the horizon.

Snowflake has resistance above at $167.88 and at $176.41 and support below at $158.97 and at $152.17.

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