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

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in salesforce.com (NYSE:CRM) based on the price action in the company's shares. Today's price range of $82.45 and $83.37 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. Traders and investors interested in shares of salesforce.com may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, salesforce.com share prices have been bracketed by a low of $52.60 and a high of $84.48 and are now at $82.84, 57% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 1.3%.

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.

salesforce.com has overhead space with shares priced $82.84, or 7.0% below the average consensus analyst price target of $89.11. 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 February 25th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $68.99. Since that recommendation, shares of salesforce.com have risen 21.0%. We continue to monitor CRM for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish inside day candle salesforce.com

Ticker(s): CRM