The Greedy Trader Weekly Analysis
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Downtrend Broken Resistance

Downtrend Broken Resistance stock alert presents a technical analysis stock market picking technique based on combination of technical indicators, stock trend analysis, trend following indicators and pattern recognition. Downtrend broken resistance stock market alert is a trend trading warning signal. It is a confirmation that long term downtrend reversal is completed and a new uptrend is establiched.

Unlike other alerts, broken resistance is not a buy/sell signal. It is rather warning signal that trend direction has changed. For entry point it is usually better to wait for pull back and retest of resistance line. This point is considered as a second chance to participate in downtrend reversal.

Downtrend Broken Resist.

Archive
- 6/7/2024 -
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ServiceNow (NOW) Technical Analysis

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Summary:
Weekly :
Daily :Stochastic has raised above the signal lineThe price has risen above the Parabolic SARThe period of high volatility of the stock price
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It was a first positive week for the ServiceNow (NOW). During the week, the NOW gained 41.88 points, or 6.38%, and closed at 698.81 on Friday, June 7, 2024. It was the best weekly gain since January 12, 2024. Weekly volume was 65% above average.

Long-term trend: [See NOW long-term trend chart]
A long-term uptrend had started on October 13, 2022 at 337.00 and reached 815.27 on February 9, 2024. NOW gained -478.27 points, or -141.92%, in 69 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 639.94 and resistance is at 919.01. A Broadening Ascending Wedge pattern is considered to be a reversal formation. It usually appears in a mature trend, characterized by overbought/oversold long-term and short-term indicators, and often generates divergence on long-term indicators. Use the following link to access a Broadening Ascending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Ascending Wedge pattern in a long-term trend.

Medium-term trend: [See NOW medium-term trend chart]
A medium-term downtrend had started on February 9, 2024 at 815.27 and reached 637.99 on May 31, 2024. NOW lost 177.28 points, or 21.74%, in 16 weeks. The chart has formed a Broadening Descending Wedge chart pattern. The trend support level is at 658.41 and resistance is at 779.87. Use the following link to access a Broadening Descending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Descending Wedge pattern in a medium-term trend.

Weekly Technical Indicators: [See NOW weekly technical indicators chart]
Weekly technical indicators are neutral.

The weekly MACD line is below its signal line since March 8, 2024. This is an indication that the medium-term trend is down. The distance between MACD and the signal line is near its high and getting bigger. It indicates that the current medium-term downtrend is strong. Use the following link to access a MACD help.

Short-term trend: [See NOW short-term trend chart]
A short-term uptrend had started on May 31, 2024 at 637.99 and reached 712.36 on June 6, 2024. NOW gained -74.37 points, or -11.66%, in 6 days. The price is now at the 18.22% retracement level.

Daily Technical Indicators: [See NOW daily technical indicators chart]
Daily technical indicators are neutral. During the last week, daily Lane's Stochastic main line (%K) has rallied above the oversold signal line (%D). Such crossover is considered a bullish signal. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following link to access Lane's Stochastic help.

The daily MACD line is below its signal line since May 28, 2024.

During the last week, the price has risen above the Parabolic SAR (stop and reversal). A Parabolic SAR below the price is a bullish signal, and it indicates that momentum is likely to remain in the upward direction. A Parabolic SAR is used as a trailing stop loss for long or short positions. It works best during strong trending periods. Use the following links to access Parabolic SAR Help, or use the Technical Stock Screener to see the list of stocks with the Parabolic SAR close to the price level.

The distance between the Bollinger Bands is 107.96% higher then one year average. It indicates the period of high volatility of the stock price. The Bollinger Bands are often used with a non-oscillator indicator like chart patterns or a trendline. The signals are considered more reliable if these indicators confirm the recommendation of the Bollinger Bands. Use the following links to access the Bollinger Bands Help, or use the Technical Stock Screener to see the list of stocks with the price above the Upper Bollinger Band or below the Lower Bollinger Band.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 34.70
Williams' Percentage Range (W%R) 57.30
Lane's Stochastic (%D-Slow) 40.58
Greed/Fear Indicator (GFI) 39.33
Moving Average Converg./Diverg. (MACD) -10.43
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 40.09
Williams' Percentage Range (W%R) 64.70
Lane's Stochastic (%D-Slow) 42.57
Greed/Fear Indicator (GFI) 40.73
Moving Average Converg./Diverg. (MACD) 29.16 Bullish
Trading Signals
Description Value Chart
Upper Bollinger Band 793.27
Quarterly Trendline Resistance 779.87
50 Day Moving Average 733.10
20 Day Moving Average 724.11
Weekly Stochastic Crossing 705.18
Price 698.81
Daily Stochastic Crossing 684.88
Quarterly Trendline Support 658.41
Yearly Trendline Support 639.94
Parabolic System 638.85
Lower Bollinger Band 632.03
Sector and Industry
Description Name Rank
Sector Information Technology 6
Industry Systems Software 23
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 637.99
Low Date 05/31/2024
High 712.36
High Date 06/06/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 637.99
Low Date 05/31/2024
High 712.36
High Date 06/06/2024
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 784.33
High Date 05/22/2024
Low 637.99
Low Date 05/31/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Down
Chart Pattern Broadening Descending Wedge
Status Valid
Resistance 779.87
Support 658.41
High 815.27
High Date 02/09/2024
Low 637.99
Low Date 05/31/2024
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Valid
Resistance 919.01
Support 639.94
Low 337.00
Low Date 10/13/2022
High 815.27
High Date 02/09/2024
Warning: TheGreedyTrader.com presents weekly analysis. Technical indicators and trend parameters are calculated for the close of business day indicated on the top right corner of the screen.