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

By Shiri Gupta

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. Yesterday's price range of $82.45 and $83.37 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. 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.

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.

Potential upside of 7.1% exists for salesforce.com, based on a current level of $83.24 and analysts' average consensus 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.

In the past 52 weeks, shares of salesforce.com have traded between a low of $52.60 and a high of $84.48 and closed yesterday at $83.24, which is 58% 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 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 am inside day candle salesforce.com

Ticker(s): CRM