ServiceNow Inc. provides a cloud-based platform that enables companies to replace manual work methods with digital workflows.
ServiceNow’s share price has risen sharply in the past few days, climbing to a record high of $681.10 on Friday.
The share is in a long-term upward trend. In February 2016, this movement accelerated significantly. On February 8, the stock hit a high of $598.37. The value is then corrected with a bullish wedge. On June 22, the wedge broke out. On Friday, the value almost reached the arithmetic level outside the wedge at $688.00.
Bollinger Bands have greatly expanded. RSI (14) has been trading in extreme ranges for a long time and is close to historical highs.
Profit
The rally in ServiceNow stock may have basically ended. In the next few days, there may be a greater consolidation, moving towards an all-time high of $598.37 or logarithmic. The 38.2% retracement level of the upward movement since May reached $580.51. Then there may be a new rebound phase. If there is no top in the $688 area, it may rebound to $760-780. There, the stock will hit the upper limit of the long-term trend since February 2016.
Conclusion: The stock is very strong and is likely to face a greater peak.
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Service Now Company
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(© GodmodeTrader 2021-Author: Alexander Paulus, Technical Analyst and Trader)
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