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ServiceNow Inc (NYSE:NOW) stock recently rallied from its April lows, but that recovery appears to be running out of steam near the declining 320-day moving average -- a trendline with historically bearish implications. This afternoon the shares are already trading modestly lower at $138.59, but more losses could be on the way, should this bearish trendline continue its streak.
Per Schaeffer's Senior Quantitative Analyst Rocky White, NOW has traded within 0.75 times the 320-day moving average's 20-day average true range (ATR), after spending at least 80% of the previous two weeks and 80% of the prior 42 trading sessions below the trendline. This setup has occurred three other times over the last decade, after which the stock was lower one month later every time, averaging a 6.9% loss.
Analysts are overwhelmingly bullish on the equity, leaving plenty of room for a shift in sentiment to pressure the shares. Of the 45 brokerages in coverage, 40 carry a "buy" or "strong buy" rating, compared to just three "holds" and two "sells."
Lastly, NOW's Schaeffer's Volatility Scorecard (SVS) sits at 79 out of 100, suggesting the stock has tended to outperform options traders' volatility expectations during the past year.
Is Wall Street Bullish or Bearish on ServiceNow Stock? Barchart • 6mo ago NOW ^GSPC
Is Wall Street Bullish or Bearish on ServiceNow Stock?
ServiceNow (NOW) Stock Declines While Market Improves: Some Information for Investors Zacks • 3mo ago NOW ^GSPC
ServiceNow (NOW) Stock Declines While Market Improves: Some Information for Investors
ServiceNow (NOW) Stock Sinks As Market Gains: What You Should Know Zacks • 2mo ago NOW ^GSPC
ServiceNow (NOW) Stock Sinks As Market Gains: What You Should Know
Why Analysts Stay Bullish on ServiceNow, Inc. (NOW) Despite a 28% Slide Insider Monkey • 7mo ago NOW
Why Analysts Stay Bullish on ServiceNow, Inc. (NOW) Despite a 28% Slide
ServiceNow (NOW) Sees a More Significant Dip Than Broader Market: Some Facts to Know Zacks • 6mo ago NOW ^GSPC
ServiceNow (NOW) Sees a More Significant Dip Than Broader Market: Some Facts to Know
ServiceNow (NOW) Beats Stock Market Upswing: What Investors Need to Know Zacks • 3mo ago NOW
ServiceNow (NOW) Beats Stock Market Upswing: What Investors Need to Know
ServiceNow (NOW) Stock Trades Down, Here Is Why StockStory • 5mo ago NOW
ServiceNow (NOW) Stock Trades Down, Here Is Why
ServiceNow (NOW) Suffers a Larger Drop Than the General Market: Key Insights Zacks • 2mo ago NOW ^GSPC
ServiceNow (NOW) Suffers a Larger Drop Than the General Market: Key Insights
Are Wall Street Analysts Predicting ServiceNow Stock Will Climb or Sink? Barchart • 3mo ago NOW ^GSPC
Are Wall Street Analysts Predicting ServiceNow Stock Will Climb or Sink?
ServiceNow Stock Outlook: Is Wall Street Bullish or Bearish? Barchart • 1mo ago NOW ^GSPC
ServiceNow Stock Outlook: Is Wall Street Bullish or Bearish?
