- Service Now (NASDAQ: NOW) price prediction Reveals that the NOW stock price is on a bullish trajectory.
- NOW stock price reported a year-to-date growth of 49.94%
- NOW stock price is getting closer to its all-time price of $706.
Service Now’s (NASDAQ: NOW) price prediction reveals the bullish trend of the market since the start of the year 2023. The NOW stock has been developing an inverse head and shoulders pattern for the past one year. This pattern is a trend reversal pattern and the NOW stock made a breakout on 17th May 2023. The price performed a retest and jumped to its current level.
At the time of writing, Service Now closed its trading session on Monday, 17th July 2023 at 592.38 This marked a jump of 2.07% over the previous day.
Can Service Now Hit the Price Target of the Inverse Head & Shoulders?
Service Now’s stock price prediction reveals the market is extremely bullish as prices move up. The market is trading above the 200 EMA while taking support from the 9 and 15 EMAs. This is a common type of market structure in a trending market. The breakout of the head and shoulders pattern increases the chances of the Now stock price reaching the target price of $725.98. This move will create a new all-time high.
At present, the NOW stock price is approaching an immediate resistance level of $600. Another observation shows that the volume is declining as the price moves up. This can lead to a possible correction in the future.
Will the Now Stock Price print a new All-time High?
Analyzing the 4-hour chart indicates that the NOW stock is moving up with significant bullish momentum. The price broke the resistance of $532.96 on May 25, 2023, with a gap up. This breakout has fueled a bullish move of 11.50% in 53 days. The market created an inverse pin bar candlestick, hinting at profit booking.
Declining volume along with rising prices is also visible on the 4-chart. The NOW stock price is on the rise with no major signs of reversal. The investors keep buying the stock in spite of high prices, which concludes the interest of the market in the NOW stock. Technical indicators also point to bullish sentiments.
RSI
The RSI indicator is currently at 70.26 It is a condition where the market is extremely bullish and overbought. The market may move up aggressively if it sustains above 70.
MACD
MACD made a bullish crossover above the 0 line. However, the MACD and the signal line are moving close to each other near the 0 line. This indicates that the price may move sideways until the indicator crosses the 0 line.
200 EMA
On the 4-hour chart, the price is trading above the 200 EMA. It indicates that the market is under buy pressure and the buyers are in control. The 200 EMA will act as significant support. The NOW stock price will continue to move up until it breaks below the indicator.
Conclusion
Service Now’s (NASDAQ: NOW) price prediction reveals the bullish trend of the market since the start of the year 2023. The NOW stock price is on a path to transcend to new heights. All the major indicators are giving a buy signal. It’s important to stay cautious, as the market is volatile. Proper risk management can help increase the gains.
Technical Levels
- The nearest support level: $532.96
- The nearest resistance level: $600.88
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