NOW - Blue Sky BreakoutNOW is a ticker that often flies under the radar when it comes to retail investors. With 80%+ institutional investment, NOW is a solid ticker and one that I consider a juggernaut. Even during the September and October corrections, NOW has rebounded extremely quickly and is one of the tickers in the S&P 500 that has delivered almost a 100% return on investment over the past year.
This is another blue sky breakout set up, which almost triggered this past Wednesday except we saw a spike in the VIX, and SPY/QQQ had a slight dip. When the market is ready to rebound, keep this ticker on close watch. 1/15/21 contracts could be a safe play here if you want to give it a bit of cushion. For me, if the market is able to reclaim the 9 EMA on the daily, I will consider 12/18 550c or 560c for a riskier, higher reward play.
PT1: 544.84
PT2: 561.06
PT3: 575.50
PT4: 596.25
NOW trade ideas
$NOW posted its earnings with PEAD projecting a bullish outlook$NOW posted its earnings with PEAD projecting a bullish outlook for the stock with the price trading currently on the median line.
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NOW - 8.90% Potential Profit - Bullish PennantUptrend Support with a Bullish Pennant forming within an uptrend corridor.
Target price set at Resistance bounce.
- 5-month uptrend
- RSI and STOCH above 50
- MACD above Signal
Suggested Entry $443.09
Suggested Stop Loss $435.17
Target price $482.50
Note that I tend to adjust stop losses in order to secure profits early and preserve capital. This means that the target price is going to be achieved as long as there are no strong pullbacks that trigger my new adjusted stop loss.