The enterprise software company's Q2 earnings met analyst estimates, and ServiceNow raised its revenue forecast.
But ServiceNow stock was down.
Technically we had wide wedge that gave good buying opportunities with reversal candles (check my long ideas in the links below). But fow now, stock resolved its indecision pattern to downside on increasing volume. Combine it with overall market that entered into correction and that is how you get high-winning trade. I like how it holds near lows of its recent move down, while market bounced off a bit from lows - relative weakness. Plus well defined stop above $56.25, as 8 EMA is in control with target at $48.70, then $46.00 make yhis trade attractive from Risk/Reward point of view.
But ServiceNow stock was down.
Technically we had wide wedge that gave good buying opportunities with reversal candles (check my long ideas in the links below). But fow now, stock resolved its indecision pattern to downside on increasing volume. Combine it with overall market that entered into correction and that is how you get high-winning trade. I like how it holds near lows of its recent move down, while market bounced off a bit from lows - relative weakness. Plus well defined stop above $56.25, as 8 EMA is in control with target at $48.70, then $46.00 make yhis trade attractive from Risk/Reward point of view.
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