Is now the time for $NOW? – September 11, 2024
I’m Dan Fitzpatrick at StockMarketMentor.com, and I want to look at Now ( NYSE: NOW ) now, ServiceNow ( NYSE: NOW ).
We’re looking at the weekly chart, and you can see this big monstrous uptrend that’s, of course, in the past so we don’t get to make money off of that. At the end of these kinds of trends, something bad that happens, and it does here. We had a big nasty selloff, it’s lost half of its value.
Then it took a while, more than a year, maybe two, to get back to where it was. This was a big V-shaped thing, but we can look at this in another way. Remember this kind of move here? We can look here and say, Well, it’s started again. It’s really just started again, it’s a little bit choppier, I can also see fractals here.
I’ll show you what I mean, we see this kind of thing here, this kind of V-shaped thing within an uptrend. Now, we’ve got an uptrend going here, and what do we get? We have another V-shaped deal here. There’s kind of a pattern within a pattern. I see this moving up, and all the stuff that I just told you about, doesn’t really matter. What matters is, can we make some money on it?
I’m looking at this on the daily chart, and again, you can see this pattern that I just pointed out, on the weekly, this V thing, again, this V thing. This actually gives me confidence to be bullish on this stock. It’s just drifting higher, it’s not just taking off like a rocket ship.
It’s actually holding the 20-day moving average, as opposed to walking along the upper Bollinger Band, which is what the strongest stocks do. But still, an uptrend is an uptrend. If you’re interested in this, and it’s got a lot of play today. A lot of people talking about it, a million shares traded, a little bit above average volume.
I’m looking at this and I see a stock that’s probably just going to continue to run higher. I’ll put this as the resistance, maybe support right about here. So if you are interested in this stock, you could buy some here. Or you could just wait a bit, and when the stock pulls back closer to the 21-day moving average, then that would be a better time to buy some stock. Anyway, that’s just something to be thinking about.
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