Looking At ServiceNow's Recent Unusual Options Activity
Portfolio Pulse from Benzinga Insights
ServiceNow (NYSE:NOW) has seen a notable bearish sentiment in its recent options trading activity, with 85% of trades showing bearish tendencies and a significant volume aiming for a price range of $560 to $810. The analysis of unusual trades revealed 21 instances, predominantly calls, indicating a bearish outlook despite the current neutral RSI and a slight decrease in stock price to $776.53. The anticipated earnings release in 41 days adds to the context for potential investors.
March 14, 2024 | 3:01 pm
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NEGATIVE IMPACT
ServiceNow's bearish options activity, with a significant volume targeting a $560-$810 price range, suggests investor caution. The stock's slight decrease and neutral RSI indicate a balanced market view, but the upcoming earnings release could be a critical factor.
The bearish sentiment in options trading, especially with the high volume of calls indicating a bearish outlook, directly impacts ServiceNow's short-term stock price outlook. The anticipation of the earnings release further adds to the uncertainty, potentially leading to a negative short-term price movement. The current neutral RSI and slight price decrease reflect a market that is waiting for more definitive direction, likely influenced by the upcoming earnings.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100