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Possible Bearish Inside Day Candle Pattern Detected for Servicenow Inc (NYSE:NOW)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Servicenow Inc (NYSE:NOW) based on the price action in the company's shares. Yesterday's price range of $274.39 and $281.02 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Servicenow Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

ServiceNow, Inc. provides enterprise information technology (IT) management software. The Company designs, develops, and produces prepackaged computer software, cloud services, and IT service management platform. ServiceNow serves customers throughout the United States.

Servicenow Inc share prices have moved between a 52-week high of $303.17 and a 52-week low of $158.00 and closed yesterday at 75% above that low price at $276.14 per share. Over the past week, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 0.6%.

Servicenow Inc (NYSE:NOW) defies analysts with a current price ($276.14) 32.9% above its average consensus price target of $185.34. The stock should discover initial support at its 200-day moving average (MA) of $263.03 and subsequent support at its 50-day MA of $261.92.

SmarTrend recommended that subscribers consider buying shares of Servicenow Inc on October 28th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $243.14. Since that recommendation, shares of Servicenow Inc have risen 15.9%. We continue to monitor NOW for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle servicenow inc

Ticker(s): NOW