One Good Trade: NOW is Showing Continued StrengthThe setup has everything we are looking for:
Strong bull bar > 2 standard deviations
Strong momentum on the MACD
Small pullback with a potential for an aggressive entry
4S0 trade ideas
Does $Now have further upside, or is it nearing a potential top?To project targets, I am using the following methods:
Cup and Handle Pattern
If we consider the price range of $709.02 - $338.24 as forming a cup and handle pattern, the price movement represents approximately a 52% increase.
Projecting this on the upside sets a target of around $1078.79, which was achieved last week.
A weekly close above $1122.44 will signal a potential next target at $1316.16, derived from the 2.61% Fibonacci extension applied to the range of $709.02 - $338.24.
Fibonacci Extensions
Using Fibonacci extensions on the same price range, the 2.61% target aligns with $1316.16 as the next significant resistance level.
Key Levels:
Support: The uptrend remains intact as long as $906 holds.
Downside Risk: If $906 is breached, the next downside target is $709.02.
NOW. Almost at resistance. Long term play.I expect a rejection at my projections. Might find support at the first level below the top box. I will consider a long there, but I will post a new chart once we get close to there. Would take a big position if we ever got to my bottom box.
$NOW looking like a perfect setup for NVDA earnings tomorrow I'm thinking this retests ~1010 level tomorrow and from there we see another leg up.
$NOW with a bullish outlook following its earnings #StocksThe PEAD projected a bullish outlook for NYSE:NOW after a positive under reaction following its earnings release placing the stock in drift A with an expected accuracy of 81.25%.
MY WATCHLIST: NOWNOW, an IBD50 stock now has a setup signal. Has an excellent risk-to-reward ratio. I'm looking to enter long near the close of the day if the stock can manage to CLOSE above the last candle highs(1). If triggered, I will then place a stop-loss below(2) and a price target above it(3).
NOW Is The Time for ServiceNow?Nice bullish consolidation pattern after taking out the 785 resistance level. Looking for NOW to take out the 835 current resistance level for a swing towards 950.
Looking at a position trade here, either buying the dip (if the market pulls back some here) or if we break 835.
ServiceNow Sneaks HigherMany big technology stocks pulled back sharply in recent weeks, but ServiceNow could be sneaking higher.
The first pattern on today’s chart is the falling trendline along the highs of July 5 and 23. Strong quarterly results pushed NOW above this resistance on July 25, and it has remained there since.
Second, prices have stayed above the 50- and 100-day simple moving averages (SMAs). The Nasdaq-100, in contrast, recently hit its 200-day SMA. That may reflect relative strength in the software company.
Next, the shaded boxes highlight tight squeezes between the 50- and 100-day SMAs. Their current proximity is potentially reminiscent of late October, before the stock rallied to new highs.
Fourth, the 8-day exponential moving average (EMA) has crossed above the 21-day EMA. (See our 2 MA Ratio custom script in the lower study.) That could suggest the short-term trend is getting bullish.
Finally, $707.60 was the previous peak in November 2021 before rate hikes triggered a bear market in tech stocks. NOW has spent most of this year fluctuating around this level. Could it finally escape long-term resistance?
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NOW ServiceNow Options Ahead of EarningsAnalyzing the options chain and the chart patterns of NOW ServiceNow prior to the earnings report this week,
I would consider purchasing the 760usd strike price Calls with
an expiration date of 2024-8-16,
for a premium of approximately $32.85.
If these options prove to be profitable prior to the earnings release, I would sell at least half of them.
NOW potential Buy setupReasons for bullish bias:
- Price respecting trendline
- Strong bullish candles
- Price bounce from Fib 0.618 level
- No divergence
Here are the recommended trading levels:
Entry Level(CMP): 692.40
Stop Loss Level: 634.00
Take Profit Level 1: 750.8
Take Profit Level 2: Open
NOW: Further Upside PotentialServiceNow is one stock I will be shorting aggressively, but that time is not now (pun intended). I see a possible PT of 933 in the coming weeks now that it's broken above $814 resistance.
NOW channelThis is the channel that I drew for NOW. I am publishing as an example to my friend of how I draw channels
$NOW $737 possible short term?NYSE:NOW has flushed down with NYSE:CRM earnings but has recovered quite nicely, Building out the base from $700 area. MACD also curling to the upside with william% range and RSI showing bullish divergence. My pt is $737.
NOW potential Buy setupReasons for bullish bias:
- Price respecting trendline
- Strong bullish candles
- Price bounce from Fib 0.618 level
- No divergence
Here are the recommended trading levels:
Entry Level(CMP): 692.40
Stop Loss Level: 634.00
Take Profit Level 1: 750.8
Take Profit Level 2: Open
ServiceNow to continue Steamrolling towards $960Like NYSE:CRM , successful customers of ServiceNow become locked into the NYSE:NOW ecosystem and as they add functionality to their platform they gain an ever larger share of the IT department OPEX budget. Numbers wise, NYSE:NOW continues to steamroll forward with Forbes reporting:
Q1 2024 revenue: $2.6 billion — up 24% and $10 million above consensus as tracked by FactSet, noted Investor’s Business Daily.
Q1 2024 subscription revenues: $2.523 billion — up 24.5% in constant currency, $10 million above the consensus, IBD reported.
Q1 2024 current remaining performance obligations: $8.45 billion — a 21% increase from the year before and $40 million above consensus, according to IBD.
Q1 2024 adjusted earnings per share: $3.41 — a 44% increase from the year before and 27 cents per share above the consensus, reported Reuters.
Q2 2024 subscription revenue forecast: A range between $2.525 billion and $2.530 billion — the midpoint of which is about $1 million below the $2.54 billion London Stock Exchange consensus, according to Reuters.
From a pre earnings high of $813 to a post earnings low of $663, NYSE:NOW looks well positioned to march up to new highs, potentially as high as $960/share, with Analyst Day tomorrow May 6th followed by the start of their annual customer conference Knowledge 24 on Tues May 7 where bystanders will see over 20,000 NYSE:NOW customers flock into the crowded halls of the Sands Convention center in Vegas showing the true strength of their customer base. Buying calls. Good luck All!!
shortNOW made big moves upside months ago. But now we are seeing that is it losing strenght to keep going up. After a break down it tested the resistance and it seems that it will keep going lower.
NOW: Re-Load the BullFundamentals:
Now was on the watchlist in 2023. It was a good stock to invest in, then. I wrote at that time, "A strong company with increasing number of funds clamoring for its stock. I also like its sales and earnings, its strength relative to the S&P500, and its forward-looking est. growth in 2024. Return on equity is about 35%."
Things have gotten better. And now ( pun intended ), NOW's status has been elevated into "superstock". Sales have accelerated, as well.
Technicals:
Daily uHd
Daily extremes signal
Daily Morning Star
NOW ServiceNow Options Ahead of EarningsAnalyzing the options chain and the chart patterns of NOW ServiceNow prior to the earnings report this week,
I would consider purchasing the 810usd strike price Calls with
an expiration date of 2024-8-16,
for a premium of approximately $29.50.
If these options prove to be profitable prior to the earnings release, I would sell at least half of them.
NOW April 17, 2024: Can It Hold The Support?On April 17, 2024, NYSE:NOW is trading right at its support level since January, 2024.
A break down below this support level will suggest a further decline of 10% to its MA-200
NOW looks good for $800 again. I like supports, volume, and trend. IMO. I already played this weeks ago but re mentioning again. NFA
One-Line Practice: Set Yourself Aside and FollowIn this video, I set up a trading plan and introduce a trend line exercise you can practice in any market and in any time frame. There is no one right way to draw a trend line, it's a matter of function and what you are trying to see. We will be drawing a trend line off two relative (same size swings). This will identify the footprints of organized volatility on a chart.
This exercise is designed so that you can learn about markets and price flow in your own hand. Its objectives are:
1. Learn to isolate relative market structures.
2. Learn to set yourself aside and follow price no matter what price is doing.
3. Allow the practice and price flow to teach you.
We first need to make some objective swing definitions:
Confirmed Swing High/Low: A new high confirms a swing low and a new low confirms a swing high.
Balanced/Relative Swing: Same size reaction legs.
One Line Practice Instructions:
1. Identify two confirmed relative (same size reaction legs) swings.
2. Anchor a trend line at the two lows and make observations (not expectations) about how price interacts with the line.
3. Always follow the last two relative confirmed swings with the trend line.
4. Draw a box across the top of each swing and observe how price interacts with the boxes.
By identifying two same sized swings that confirmed new highs, we have found some organized volatility and behavior. We can then participate in that continued behavior or have a way to know when it changes.
Shane
NOW March 22, 24: Huge Volume on Down MovesFrom the low in November 23, NYSE:NOW has been going up quite well, 40% from $550 to $775.
I myself also made a trade which was not successful (see in the related ideas section for details).
However what made me to be more cautious is that there are so many down days with huge volume, while volume during up days were very normal.
Maybe NYSE:NOW will still go up because if looking at its key moving averages MA-50/150/200 the trend is still up for the stock, and the overall market is still in uptrend. But I will prefer other stocks with better volume characters.
