Our last review of ServiceNow Inc. (NOW) was on April 7th. The stock price reached our $550 target, but recovered after falling in May and reached our $614 target.
How is the chart today?
In the updated NOW daily chart below, we can see that the stock price reached the level of $680 before falling back. NOW has been testing the rising 50-day moving average. The 200-day moving average intersects around 550 USD, so compared with the 200 antenna, it will not be considered as extended or overbought now.
Since the beginning of June, the Daily Balanced Volume (OBV) line has been strong and confirmed and supported the price increase we have seen. The Moving Average Convergence Divergence (MACD) oscillator turned low at the beginning of September and is now near the zero line.
In the weekly Japanese candlestick chart of NOW below, we can see that the stock has performed strongly in the past three years. Trading is now above the rising 40-week moving average.
The weekly OBV line is also very strong. The MACD oscillator has been narrowing in recent weeks, but it has not yet crossed downwards.
In the following NOW’s daily points chart, we can see that the potential upside target price is $694.
In the weekly points chart of NOW, the downside target price in the $545 area is shown below.
Bottom line strategy: Since most of my favorite technical tools look positive, I am optimistic about NOW. From long trading risk to $599.
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