Tech and anything AI-related have been hot for a while now.
But recently, we’ve seen tech cool off.
After a big run, two things happen.
One, there’s a huge crash.
Or, two, a stock stalls in a sideways channel, gathering up energy for a resumption of the bullish run.
ServiceNow (NOW) might be one of those stocks gearing up for another explosion.
Here’s the chart:
If NOW breaks above $815.32 soon, we could see another large move.
We’ll keep an eye on it.
Happy trading,
— Scott Welsh
P.S. As a reminder, these plays are based on my longer-term Weinstein Stage Analysis method. The chart above uses weekly candles and a 30 week simple moving average. For details on this method, see my explanation on this Ask The Pros episode starting at timestamp 20:45.
