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

By Amy Schwartz

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. Today's price range of $190.05 and $193.98 is within yesterday'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.

Based on a current price of $191.07, Servicenow Inc is currently 3.0% above its average consensus analyst price target of $185.34. The stock should discover initial support at its 50-day moving average (MA) of $178.06 and subsequent support at its 200-day MA of $151.33.

Over the past year, Servicenow Inc has traded in a range of $103.00 to $194.81 and is now at $191.07, 86% above that low. The 200-day and 50-day moving averages have moved 0.98% higher and 1.05% higher over the past week, respectively.

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.

SmarTrend is monitoring the recent change of momentum in Servicenow Inc. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Servicenow Inc in search of a potential trend change.

Keywords: bearish inside day candle servicenow inc

Ticker(s): NOW