This post will serve as a documentation of the ascending triangle formation of NOW to see what kind of wrath the recent disclosure of the company will do to its chart tomorrow.
NOW closed at 2.91 with a gain of 4.68% after it posted a disclosure of their preferred shares issuance today.
News about pref shares issuance make stocks flying high just like what happened to ALCO, PNX and DD recently. Perfectly enough,its been consolidating on a triangle and waiting for some good news for this stock to breakout from the psychological resistance 3. The projected target price of the ascending triangle is at around 3.94.
Also worth noting is the EMA13 and MA20 about to cross that would signal us to BUY this stock. MACD is also in the pipeline waiting to cross. RSI is rising too and is above the 50 line. Now that is quite bullish.
During the closing, there was a huge unserved BID in Millions that might signal us what to expect tomorrow. I’m one of those queuing to get shares for tomorrow’s opening.