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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. Today's price range of $156.34 and $157.85 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.

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.

Over the past year, Salesforce.Com has traded in a range of $113.60 to $167.56 and is now at $157.85, 39% above that low. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.5%.

Salesforce.Com (NYSE:CRM) defies analysts with a current price ($157.85) 11.7% above its average consensus price target of $139.32. The stock should find initial support at its 200-day moving average (MA) of $154.48 and further support at its 50-day MA of $150.73.

SmarTrend is tracking the current trend status for Salesforce.Com and will alert subscribers who have CRM in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle salesforce.com

Ticker(s): CRM