SIACharts Logo

Commentary > Inc. - (CRM) - October 15, 2021 

After spending most of this year stuck in the red zone of the SIA S&P 100 Index Report, (CRM) started to rise back up the rankings in the last couple of months and has finally returned to the Green Favored Zone for the first time since November of 2020. Yesterday, the shares finished in 25th place, up 1 spot on the day and up 22 positions in the last month. Since we last mentioned in the June 23rd issue of the Daily Stock Report, the shares are up nearly $100.00 per share, or 51.3%.

For the first time in over a year, (CRM) has broken out to a new all-time high, ending a long-term period of consolidation and signaling the start of a new advance. Following the September 2020 peak, the shares fell under distribution for six months until the bears were contained by support near the $200.00 round number, a previous resistance level.

The shares came under renewed accumulation since June and since then, the shares have established an upward trend of higher lows, snapped out of a downtrend, and completed two bullish Ascending Triangle breakouts.

From here, next potential upside resistance appears near $300.00, where a measured move and a round number converge, followed by a measured $360.00. Initial support appears near $260.00 near uptrend support and the 50-day moving average.

A major breakout is underway in (CRM) shares. For the better part of a year, the shares drifted downward, giving back much of a previous high pole advance. The selloff was contained above $200.00 and a previous breakout point in March, and then in the summer, the shares started to resume their longer-term uptrend.

Over the last few months, the shares have generated a number of positive technical signals including snapping a downtrend line and then completing a series of bullish Double Top, Spread Double Top and Spread Triple Top breakouts. This week, the shares have broken through their September 2020 peak to new all-time highs, confirming that a new advance is underway.

Initial upside resistance may appear near the $300.00 round number, then the $355.90 to $377.65 zone where several vertical and horizontal counts converge. Initial support appears near $264.45 based on a 3-box reversal and a retest of a recent breakout point.

With a bullish SMAX score of 8, CRM is exhibiting strength against the asset classes.

Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.

Related Posts

Keep up to date on the latest financial market news.

Receive a daily newsletter with stock highlights, ETF rankings, weekly market focus and others.