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Possible Bearish Inside Day Candle Pattern Detected for Salesforce.Com (NYSE:CRM)

By Shiri Gupta

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. Today's price range of $121.74 and $122.83 is within yesterday'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.

There is potential upside of 11.8% for shares of Salesforce.Com based on a current price of $122.44 and an average consensus analyst price target of $136.84. 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.

salesforce.com, inc. provides software on demand. The Company supplies a customer relationship management service to businesses worldwide providing a technology platform for customers and developers to build and run business applications. Clients use salesforce.com to manage their customer, sales and operational data.

In the past 52 weeks, Salesforce.Com share prices have been bracketed by a low of $66.43 and a high of $128.87 and are now at $122.44, 84% 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%.

SmarTrend is monitoring the recent change of momentum in Salesforce.Com. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Salesforce.Com in search of a potential trend change.

Keywords: bearish inside day candle salesforce.com

Ticker(s): CRM