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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 $159.74 and $160.78 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 $111.34 to $166.15 and is now at $159.74, 43% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.3% while the 200-day MA has risen 0.4%.

Salesforce.Com (NYSE:CRM) is currently priced 12.8% above its average consensus analyst price target of $139.32. The stock should discover initial support at its 50-day moving average (MA) of $153.73 and subsequent support at its 200-day MA of $144.67.

SmarTrend recommended that subscribers consider buying shares of Salesforce.Com on December 28th, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $134.75. Since that recommendation, shares of Salesforce.Com have risen 19.2%. We continue to monitor CRM for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle salesforce.com

Ticker(s): CRM