Confirming a Price Uptrend in the Cloud
On Friday, we looked at a Daily Price Chart of Moody’s Corp., noting the stock is in the Keltner Channel “Buy Zone.”
Today’s chart is for ServiceNow Inc. (NYSE: NOW).
ServiceNow, Inc. provides enterprise cloud computing solutions that defines, structures, consolidates, manages, and automates services for enterprises worldwide. The company offers information technology (IT) service management applications and digital workflow products for customer service, human resources, security operations, integrated risk management, and other enterprise departments.
Now, the Daily Price Chart below shows that NOW is in a price uptrend because the current price of NOW is trading higher than it was exactly four months ago. The On Balance Volume (OBV) chart is shown below the Daily Price Chart.
On Balance Volume measures volume flow with a single rasy-to-read line. Volume flow precedes price movement and helps sustain the price uptrend. When a stock closes up, volume is added to the line. When a stock closes down, volume is subtracted from the line. A cumulative total of these additions and subtractions form the OBV line.
We can see from the OBV chart shown above that the On Balance Volume line for NOW is sloping up. An up-sloping line indicates that the volume is heavier on up days and buying pressure is exceeding selling pressure. Buying pressure must continue to exceed selling pressure in order to sustain a price uptrend. So, On Balance Volume is a simple indicator to use that confirms the price uptrend and its sustainability.
The numerical value of the On Balance Volume line is not important. We simply want to see an up-sloping line to confirm a price uptrend, which is displayed in the chart above.
We’ll be sure to keep following ServiceNow, Inc., as the stock’s buying pressure exceeds it’s selling pressure and the price uptrend continues.
Best Regards,
Chuck Hughes
Editor, Chart Of The Day
The post Confirming a Price Uptrend in the Cloud appeared first on Laissez Faire.
Source: http://freedombunker.com/2020/07/27/confirming-a-price-uptrend-in-the-cloud/
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