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NOW) is a provider of cloud-based services that automate enterprise IT operations. This stock closed up 2.2% at $45.46 in Wednesday's trading session.
Wednesday's Volume: 3.52 million
Three-Month Average Volume: 1.49 million
Volume % Change: 121%
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From a technical perspective, shares of NOW bounced higher here right above its 50-day moving average of $42.42 with high volume. This move is quickly pushing shares of NOW within range of triggering a near-term breakout trade. That trade will hit if NOW manages to take out its all-time high at $47.43 with high volume.
Traders should now look for long-biased trades in NOW as long as it's trending above its 50-day at $42.42 and then once it sustains a move or close above its all-time high at $47.43 with volume that's near or above 1.49 million shares. If that breakout hits soon, then NOW will set up to enter new all-time high territory, which is bullish technical price action. Some possible upside targets off that breakout are $50 to $55.