Since we last mentioned Salesforce.com (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, Salesforce.com (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.
Salesforce.com (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.
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