In a comment on the Servicenow stock chart in mid-June, I wrote the headline “But something must happen!” The police actually turned it over. Slight decline: Except for two days of sideways consolidation, the price range between US$511.71 and US$507.06 did not cause a longer period of respite. The setback of $487.27 did not materialize. Instead, the bulls chose a direct path to $540, where they left the downtrend since the all-time high and reached the next resistance zone between $562.40 and $566.70 last week. There was a little setback there, but it was quickly bought back.
The resulting temporary low of $539.75 now provides new hedging options. It is suitable for both burst traders who can take the nearest route north with them, and for those who wish to try again in a procyclical manner. Because above the resistance zone between $562.40 and $566.70, the all-time high of $598.37 will be the next logical target.
On the other hand, if the Servicenow stock price fails at the technical chart barrier and falls below $539.75, the small top pattern in the chart will be completed, which may also result in losses below the already exceeded downtrend.
Conclusion: So far, the bulls have only allowed the bottom of Servicenow stock to appear a little bit. If it successfully breaks the resistance zone between 562.40 USD and 566.70 USD, it is expected to hit a record high. It can be hedged below the temporary low of $539.75.
| year | 2020 year | 2021e* | 2022e* |
| Sales (in billions of dollars) | 4,52 | 5,74 | 7,17 |
| Earnings per share (USD) | 4,63 | 5,51 | 7,03 |
| Profit growth | 19,01% | 27,59% | |
| KGV | 120 | 101 | 79 |
| I | 24,3 | 19,2 | 15,3 |
| Polyethylene glycol | 5,3 | 2,9 | |
| * e = expected |
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(© GodmodeTrader 2021-Author: Bastian Galuschka, Acting Editor-in-Chief)
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