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Downtrend Broken Resist.Archive
- 4/5/2024 -
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ServiceNow (NOW) Technical Analysis
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| Summary:
| | Weekly :  | | Daily :
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| | It was a first positive week for the ServiceNow (NOW). During the week, the NOW gained 21.10 points, or 2.77%, and closed at 783.50 on Friday, April 5, 2024. Weekly volume was -32% below average.
NOW is a member of Information Technology Sector. Information Technology is the second 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 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 607.47 and resistance is at 856.30. 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 730.15 on March 5, 2024. NOW lost 85.12 points, or 10.44%, in 3 weeks. Price is near the Fibonacci 61.8% retracement level. The Fibonacci retracement level is considered a support/resistance level.
 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. 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 March 5, 2024 at 730.15 and reached 807.77 on March 13, 2024. NOW gained -77.62 points, or -10.63%, in 8 days. The chart has formed a Symmetric Triangle chart pattern. The uptrend resistance line (746.24) is broken. Usually a broken resistance is considered to be a long-term bullish signal, although a short-term pull back is possible. 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 resistance line in a short-term trend.
Daily Technical Indicators: [See NOW daily technical indicators chart]
Daily technical indicators are neutral.
During the last week, daily MACD line has moved above its signal line. Such crossover is considered a bullish signal.
During the last week, the price has moved above the moving average in the center of the Bollinger Bands. The distance between the Bollinger Bands (5.83%) is close to one year low (5.36%). It is 51.34% lower than one year average. It indicates the period of low volatility of the stock price, and it is considered a buy signal for the option traders. 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.
During the last week, the price has advanced above the 50 Day Moving Average. Such crossover is considered a bullish signal. 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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