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Possible Bearish Inside Day Candle Pattern Detected for salesforce.com (NYSE:CRM)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in salesforce.com (NYSE:CRM) based on the price action in the company's shares. Yesterday's price range of $90.46 and $91.10 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of salesforce.com may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Salesforce.com, Inc. provides application services that allow organizations to share customer information on demand. The Company provides a customer relationship management service to business of all sizes and industries worldwide.

In the past 52 weeks, salesforce.com share prices have been bracketed by a low of $52.60 and a high of $91.81 and closed yesterday at $90.83, 73% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 1.3%.

salesforce.com has overhead space with shares priced $90.83, or 2.8% below the average consensus analyst price target of $93.40. The stock should find initial support at its 50-day moving average (MA) of $73.56 and further support at its 200-day MA of $73.15.

SmarTrend recommended that subscribers consider buying shares of salesforce.com on January 6th, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $73.34. Since that recommendation, shares of salesforce.com have risen 23.8%. We continue to monitor CRM for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle salesforce.com

Ticker(s): CRM