The Greedy Trader Weekly Analysis
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- 3/15/2024 -
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ServiceNow (NOW) Technical Analysis

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Summary:
Weekly :Overbought sectorWilliams' Percentage Range is overboughtWeekly  MACD line has moved below its signal lineTrend resistance at 745.07
Daily :The price has fallen below the Parabolic SARPrice has crossed below the 50 Day Moving Average
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It was the negative week for the ServiceNow (NOW). During the week, the NOW dropped -13.77 points, or -1.82%, and closed at 743.91 on Friday, March 15, 2024. NOW was trading at average weekly trading volume.

NOW is a member of Information Technology Sector. Information Technology is the second most overbought sector. Sector/industry rotation is considered a proven strategy to beat the market. Use the following links to find overbought/oversold technical indicators by Sector or by Industry.

Long-term trend: [See NOW long-term trend chart]
A long-term uptrend had started on October 13, 2022 at 337.00 and reached 815.27 on February 9, 2024. NOW gained -478.27 points, or -141.92%, in 69 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 597.14 and resistance is at 814.00. A Broadening Ascending Wedge pattern is considered to be a reversal formation. It usually appears in a mature trend, characterized by overbought/oversold long-term and short-term indicators, and often generates divergence on long-term indicators. Use the following link to access a Broadening Ascending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Ascending Wedge pattern in a long-term trend.

Medium-term trend: [See NOW medium-term trend chart]
A medium-term downtrend had started on February 9, 2024 at 815.27 and reached 730.15 on March 5, 2024. NOW lost 85.12 points, or 10.44%, in 3 weeks. The chart has formed a Descending Triangle chart pattern. The price is near the trend resistance line (745.07). The resistance is usually stronger when technical indicators are overbought. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with price testing the trend resistance line in a medium-term trend.

Weekly Technical Indicators: [See NOW weekly technical indicators chart]
Weekly Williams' Percentage Range is overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Williams' Percentage Range. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following link to access Williams' Percentage Range help.

During the last week, weekly MACD line has moved below its signal line. Such crossover is considered a bearish signal. Use the following link to access a MACD help.

Short-term trend: [See NOW short-term trend chart]
A short-term uptrend had started on March 5, 2024 at 730.15 and reached 807.77 on March 13, 2024. NOW gained -77.62 points, or -10.63%, in 8 days. The price is now at the 82.27% retracement level.

Daily Technical Indicators: [See NOW daily technical indicators chart]
Daily technical indicators are neutral.

The daily MACD line is below its signal line since March 14, 2024. The distance between MACD and the signal line is low and getting smaller.

During the last week, the price has fallen below the Parabolic SAR (stop and reversal). A Parabolic SAR above the price is a bearish signal, and it indicates that momentum is likely to remain in the downward direction. A Parabolic SAR is used as a trailing stop loss for long or short positions. It works best during strong trending periods. Use the following links to access Parabolic SAR Help, or use the Technical Stock Screener to see the list of stocks with the Parabolic SAR close to the price level.

During the last week, the price has crossed below the 50 Day Moving Average. Such crossover is considered a bearish signal. The moving average crossover signals work better when the stock develops a strong trend, but they are ineffective when the stock is in a trading range. Moving average crossover systems can be effective, but should be used in conjunction with trend patterns, momentum indicators, candlesticks and other aspects of technical analysis. Use the following links to access Moving Average Crossover trading technique, or use the Technical Stock Screener to see the list of stocks with the Moving Average close to the price level.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 40.84
Williams' Percentage Range (W%R) 59.50
Lane's Stochastic (%D-Slow) 58.25
Greed/Fear Indicator (GFI) 46.52
Moving Average Converg./Diverg. (MACD) 2.12
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 58.49
Williams' Percentage Range (W%R) 18.60
Overbought
Lane's Stochastic (%D-Slow) 66.76
Greed/Fear Indicator (GFI) 67.14
Moving Average Converg./Diverg. (MACD) 53.38
Trading Signals
Description Value Chart
Quarterly Trendline Resistance 814.00
Parabolic System 808.58
Upper Bollinger Band 792.91
Weekly Stochastic Crossing 783.75
Daily Stochastic Crossing 776.98
20 Day Moving Average 764.36
50 Day Moving Average 758.89
Weekly Trendline Resistance 745.07
Price 743.91
Lower Bollinger Band 738.58
Weekly Trendline Support 729.82
Quarterly Trendline Support 597.14
Sector and Industry
Description Name Rank
Sector Information Technology 8
Industry Systems Software 85
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 730.15
Low Date 03/05/2024
High 807.77
High Date 03/13/2024
Weekly Trend
Monthly Trend
Description Value
Direction Down
Chart Pattern Descending Triangle
Status Test Resistance
Resistance 745.07
Support 729.82
High 815.27
High Date 02/09/2024
Low 730.15
Low Date 03/05/2024
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 527.24
Low Date 10/25/2023
High 815.27
High Date 02/09/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Valid
Resistance 814.00
Support 597.14
Low 337.00
Low Date 10/13/2022
High 815.27
High Date 02/09/2024
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 707.60
High Date 11/04/2021
Low 337.00
Low Date 10/13/2022
Warning: TheGreedyTrader.com presents weekly analysis. Technical indicators and trend parameters are calculated for the close of business day indicated on the top right corner of the screen.