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Downtrend Broken Resist.Archive
- 9/22/2023 -
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ServiceNow (NOW) Technical Analysis
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| Summary:
| | Weekly :  | | Daily :
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| | It was the negative week for the ServiceNow (NOW). During the week, the NOW dropped -25.49 points, or -4.40%, and closed at 554.09 on Friday, September 22, 2023. Weekly volume was -41% below average.
NOW is a member of Information Technology Sector. Information Technology is the most overbought sector. Sector/industry rotation is considered a proven strategy to beat the market. Use the following links to find overbought/oversold technical indicators by Sector or by Industry.
 Long-term trend: [See NOW long-term trend chart]
A long-term uptrend had started on October 13, 2022 at 337.00 and reached 614.36 on July 19, 2023. NOW gained -277.36 points, or -82.30%, in 39 weeks. The chart has formed a Rising Channel chart pattern. The price is near the trend support (560.59) line. The support is usually stronger when technical indicators are oversold. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with price testing the trend support line in a long-term trend.
 Medium-term trend: [See NOW medium-term trend chart]
A medium-term uptrend had started on August 18, 2023 at 532.54 and reached 607.90 on September 11, 2023. NOW gained -75.36 points, or -14.15%, in 3 weeks. The chart has formed a Rising Wedge chart pattern. The uptrend support line (634.12) is broken. Usually a broken support is considered to be a long-term bearish signal, but since daily indicators are oversold a short-term pull back is possible. NOW may retest the broken support line. It is considered to be a resistance line now. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend support in a medium-term trend.
 Weekly Technical Indicators: [See NOW weekly technical indicators chart]
Weekly technical indicators are neutral.
During the last week, weekly MACD line has moved below its signal line. Such crossover is considered a bearish signal. Use the following link to access a MACD help.
 Short-term trend: [See NOW short-term trend chart]
A short-term downtrend had started on September 11, 2023 at 607.90 and reached 549.02 on September 21, 2023. NOW lost 58.88 points, or 9.69%, in 10 days. The price is now at the 8.61% retracement level.
 Daily Technical Indicators: [See NOW daily technical indicators chart]
Daily Williams' Percentage Range and Lane's Stochastic are strongly oversold. Use the Technical Stock Screener to see the list of stocks with daily strongly oversold Williams' Percentage Range and Lane's Stochastic. 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 links to access Lane's Stochastic and Williams' Percentage Range help.
The daily MACD line is below its signal line since September 14, 2023. This is an indication that the short-term trend is down.
During the last week, the price has crossed below the 50 Day Moving Average. While the medium-term trend is up and daily technical indicators are oversold, the 50 Day Moving Average is considered a support level. The moving average crossover signals work better when the stock develops a strong trend, but they are ineffective when the stock is in a trading range. Moving average crossover systems can be effective, but should be used in conjunction with trend patterns, momentum indicators, candlesticks and other aspects of technical analysis. Use the following links to access Moving Average Crossover trading technique, or use the Technical Stock Screener to see the list of stocks with the Moving Average close to the price level.
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