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Downtrend Broken Resist.Archive
- 7/19/2024 -
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ServiceNow (NOW) Technical Analysis
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| Summary:
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| | It was the negative week for the ServiceNow (NOW). During the week, the NOW gave back -7.29 points, or -0.96%, and closed at 751.20 on Friday, July 19, 2024. NOW was trading at average weekly trading volume.
 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 662.01 and resistance is at 955.98. 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. 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. The distance between MACD and the signal line is low and getting smaller. It indicates that the current medium-term downtrend is getting weak. 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 July 5, 2024 at 806.52 and reached 730.10 on July 18, 2024. NOW lost 76.42 points, or 9.48%, in 13 days. The chart has formed a Descending Triangle chart pattern. The trend support level is at 729.86 and resistance is at 756.45. A Descending Triangle is a variation of triangle formation that has a flat support line and falling resistance line. The lower highs indicate the decreasing demand and give the descending triangle definitive bearish bias. A Descending Triangle usually represents a distribution stage in bearish market. A Descending Triangle is considered to be a continuation pattern, especially in a down trend, but it may also mark a reversal in an uptrend. Use the following link to access a Descending Triangle chart pattern help, or use a Technical Stock Screener to see the list of stocks with Descending Triangle pattern in a short-term trend.
 Daily Technical Indicators: [See NOW daily technical indicators chart]
Daily Williams' Percentage Range is oversold. Use the Technical Stock Screener to see the list of stocks with daily oversold Williams' Percentage Range. 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 Williams' Percentage Range help.
The daily MACD line is below its signal line since July 9, 2024. This is an indication that the short-term trend is down.
During the last week, the price has declined below the moving average in the center of the Bollinger Bands. 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.
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