ServiceNow (NOW) remains bearish

We received a request to review ServiceNow (NOW), which we highlighted as a bearish chart setup in The Stock Pulse report on November 7, 2025.

NOW has achieved and exceeded downside projections at the rising 200-week moving average (WMA) and April 2025 low at 139.64-135.72 but remains bearish until proven otherwise.

Where's support? There is some support at the May 2024 low at 127.60 but sustaining this week's move below the 200-WMA, April 2025 low, and 61.8% retracement of the late 2022 into early 2025 rally in the 140 to 133 range would keep risk tilted to the downside. The 100% extension of the January-April decline projected down from the July peak provides a target near 108-107 with chart levels from mid to late 2023 near 105.

This week's peak at 144.70 (call it 145) provides an upside risk management support for the bears on NOW.

Chart 1: ServiceNow (NOW) (top) and relative to the S&P 500 (bottom)