SIACharts Logo

Commentary >

Salesforce Inc. - (CRM) - April 3, 2023

Since we last mentioned (CRM) in the March 3rd edition of the Daily Stock Report, the shares have gained 7.0%. A month ago, CRM returned to the Green Favored Zone of the SIA S&P 100 Index Report for the first time since the summer of 2020. It has moved up 10 positions in the last month to 15th place, including a gain of 3 spots on Friday. A month ago, (CRM) staged a big breakout, gapping up through $175.00 on volume. Since, the shares’ technical profile has continued to improve. CRM filled in the gap in a normal correction, but held above an uptrend support line and its 50 and 200-day moving averages which completed a bullish Golden Cross. In recent weeks, CRM has continued to trend upward and recently broke out over $190.00 to a new 52-week high, completing a massive bullish Ascending Triangle base.

A close above $200.00 would confirm that accumulation continues with next potential upside resistance on trend near $225.00 where previous resistance and a measured move converge, then closer to the $250.00 round number. Iitial support appears near the $190.00 recent breakout point. (CRM) has been on a roll since bottoming out back in January. Following an initial breakout rally, the shares have established a new uptrend of higher lows, completed three bullish Double Top breakouts with on minor corrections in between them, completed a bullish Spread Triple Top Breakout, completed two Bullish Catapults and snapped a downtrend line.

Currently CRM is testing the $200.00 round number. Next potential resistance on trend appears near $212.65 based on a horizontal count, a previous column high just above the $225.00 round number, and $239.50 where a vertical count clusters with previous column highs and lows. Initial support appears near $181.50 based on a 3-box reversal.

With a perfect SMAX score of 10, CRM is exhibiting strength across 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.