💻 CRM (8/31) - (9/11) ☁️ 💻 CRM ☁️
Current Price @270.49
Nice pump and pullback last week. Key support to watch is @268.20. Breaking and holding over @272.40 will start a nice reversal to retest @276 resistance. Above @276 we'll find @279 (ATH)
On the downside, CRM going under @268 will most likely pullback to 264.6 support. Failing to hold and we'll find @261.
Bearish if CRM somehow gets sold to the ground and we find under @260, expect a nice flush down to low @250's.
CRM trade ideas
Salesforce - unbelievable rise, defies gravity, software FTWSalesforce is one of those stocks where every time I think their growth can’t get any better, they turn around and show that their growth is still just getting started. This chart shows that.
Check out the quarterly revenue chart on the bottom panel. Wow. Continued growth and now they are doing $5 billion per quarter. They have yet to no *not* grow. At this point I am just totally impressed.
The Regression trend on the chart is meant to show how big the pop was as it spiked to all-time highs after beating earnings and being added to the Dow. It's the first cloud stock to enter the Dow. That alone says a lot.
Anyways, I am not long and don't plan on buying at any time soon. But, kudos to the team as they have proven me wrong. That's for sure.
$CRM Salesforce $279 Target
Having missed the pop post earnings, the next long entry will be above
the Fibonacci resistance at $248.00.
It could possibly set up a run to $276-$279.
Earnings were a huge beat and blow past all estimates.
PLEASE GIVE US A LIKE IF YOU FIND OUR CONTENT HELPFUL, THANK YOU.
CRM 8/25 ERKeep CRM on your Watchlist as it is nearing it's current ATH @207.79. Breaking over and we'll continue to push to 210's
On the downside rejecting 207.79 and we'll pull back down to 202.09 then onto the support trend line that has been holding since April.
Do keep note that CRM has an ER coming up on the 8/25
CRM - 10.18% Potential Profit - Uptrend CorridorStrong level of support, confirmed multiple times over the past 5 months in an uptrend corridor.
Price bouncing on the support line.
- Historical Uptrend
- RSI + Stoch (NA)
- MACD (NA)
Suggested Entry $193.73
Suggested Stop Loss $214.69
Target price $189.47
Note that I tend to adjust stop losses in order to secure profits early and preserve capital. This means that the target price is going to be achieved as long as there are no strong pullbacks that trigger my new adjusted stop loss.
Salesforce.com Holds Trend as Earnings ApproachCloud computing has been one of the strongest growth trends in the market this year, and now one of the most important names has pulled back to some interesting levels.
Salesforce.com has followed an upward-sloping trend line since early June, making successively higher highs and higher lows. The two most recent peaks were all-time highs above its pre-crash records. Now it’s pulled back to that trend line.
Second, the current low is very close to the $195.72 level where CRM topped out in February. Has old resistance become new support?
Overall, this is a pretty conventional trend-following setup. It resembles Netflix on June 30 , pulling back to an old high and trend line before earnings. CRM reports on August 25.