Squeezing higher. Could $450 be in the books this week?Multiple time frame BB squeeze after consolidating in an upward channel for the past few weeks.
4S0 trade ideas
Service now on breakout watchlist Entry level $295 - Target price $331 = Stop loss $287
Possible breakout imminent above $300.
Short term target at multiple Fibonacci levels.
all indicators bullish and rising but needs some significant volume to breakout past previous high $304.
A strong market could see the stock hit $375.
NOW - Bearish Below 390NOW has a few options but in my opinion - all are bearish. The first is HNS which as we know has a heavy bearish bias.. the second option is a triple top and/double top depending on the next trading session highs. This is a great channel with consistent bounces at highs and I expect it to break to the downside below neckline support. Note the three cases of regular bearish divergence and low volume; this is a sign that buyers are exhausted and there is more profit taking than buying as the price has failed to breakout twice already and will likely fail again on low volume and weak sentiment.
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What I see...
+ NR7 & NR3 combo on healthy vol.
+ Price closed just above 10ma
+ Tested all-time high last week, pulled back, found support from the rising 10ma
+ MACD is bullish
+ RSI at 62
+ Overall it has been a very strong performing stock
- MACD has some chances to cross downward
- Wide Bollinger Band
What I setup
+ Long entry above Friday's high
- Stop at last week's low
+ Target at 618Fib
:: Duration - weeks to months
NOW: In preperation of a cup 'n' handle setup$NOW marked recently its ATH at $363. Corona crash mid March was lately recovered, however not in a v-shape manner but in a cup shape.
The final formation of the cup was supported by earnings with high volume gains. The depth of the cup is $110.
The handle is still evolving. Breakout above handle trend line could be regarded as confirmation of the cup 'n' handle pattern.
Due to choppy market environment this time trade will not be entered before price has overcome previous all-time-high of $363 with conviction.
Target: 450 / 475
Entry Price: 363
Stop Loss: 295
NOW: 10%+ Growth Potential Post EarningsFirst off, please don't take anything I say seriously or at face value. As always, this is on opinion basis. That being said, let us get into my reasoning behind being bullish on Servicenow. Servicenow is expected by many to beat its earnings call the upcoming week, which could lead to a positive wave correlation. I think conservatively, it should pass the $320 price point and may even quickly surpass a $330 or $335 price point as well. As a short calling, I think this wouldn't be too high risk, but what happens seems to primarily depend on if Servicenow meets expectations. Is it worth buying prior or the risk? I think so.
volume and priceup with volume worked for me for most of the time, but these days i realize if it is too obvious, it is not going to work. Especially those popular leader stocks. like VRTX last time was up with volume (4/6/2020) but it consolidated for the next three days and triggered the stop lost. when it is too obvious it not going to work, consolidation is not that bad.
Swing NOWName Servicenow Inc
Symbol NOW
Price to Activate $357.01
Stop Loss $332.01
1st Target $385.57
2nd Target $428.41
The Market closed down today. The S&P 500 Index hit a new high. After hours NVDA is up over 6%. NVDA is up over 19% in our portfolio. Our stock pick for tomorrow is NOW. Have a great evening and happy trading!
- Bernard
