CRM trade ideas
$CRM earnings flag breakoutclassic earnings flag break out pattern.
price consolidated for 4 weeks after a big gap up day on earnings.
price broke out of consolidation range.
target ~320
Next week should be funWill this reach all-time high or form a double top? Accord to the pitchfork, it should touch $285 next week. If a stimulus gets passed next week we will definitely reach ATH but who knows.
CRM: Inverted Head & ShouldersInverted Head & Shoulders
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SalesForce Looking HeavySalesForce looks like an ideal short right now because of the ridiculous rally it made at the end of August. The stock rallied $80/share, which translates to a market cap increase larger than the entire NFL. Crazy, right? When you read the reason for the earning surprise below, it's even crazier.
As Reported By Salesforce:
"Second quarter GAAP diluted earnings per share was $2.85...Mark-to-market accounting of the company's strategic investments, required by ASU 2016-01, benefited GAAP diluted earnings per share by $0.55 based on a U.S. tax rate of 25% and non-GAAP diluted earnings per share by $0.58 based on a non-GAAP tax rate of 22%. GAAP diluted earnings per share was also benefited by $2.17 as the company changed its international corporate structure, which included the consolidation of intangible property, resulting in a $2 billion net tax benefit related to foreign deferred tax assets."
I'm all for bullish optimism by default, however this stock rallied dangerously with no clear support level below the run-up. Its kinda hanging in no-man's land right now with no fundamental reason to support that level (P/E ratio is currently 95, astronomical). I expect a retest of the lows, followed by once of the shown scenarios. If the stock does break through the lows, then I expect the stock to range downwards to $200 hitting various fibonacci levels as resistance/support on the way down.
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CRM 1HR AnalysisToday, one resistance was broken
Using Elliot Wave patterns, can we say we are already in Wave 3 and predict the next two PT using Fib Retracement
~ I wish I caught this on its second Elliot wave
Expecting Bullish Price Action on CRM- CRM appears ready to break upwards out of a Bollinger Band squeeze . The same bullish price action occurred when it reported Q2 earnings in late August.
- The Commodity Channel Index , a measure of the current price level relative to the 20-day average price level, has moved above +200. This indicating a strong uptrend is beginning.
- A bullish MACD crossover is also about to occur, signalling a shift in momentum to the upside.
- The RSI indicates CRM is not yet overbought (RSI<70).
- Furthermore, the stock is trading above its 20, 50, and 200 moving averages .
$CRM - Currently above the resistanceNext target is the peak via closing and stabilizing above the resistance,
Not for any advise
Just an Idea,
"CRM Long" Bullish will this see $278.28 by mid Nov. early Dec.NYSE:CRM CRM like the range test today at 256.51 will keep a close eye on this one. CRM has created a nice bottom over the past few days around the 239.45 area. It has also broke a nice down trend and is holding the recent uptrend if this one can get going on the break of the range this can have room to 278.28 area before it test its recent high of 284.50.
salesforce heading direction Salesforce heading in the right direction as show in the chart from the 9/24/20 - 10/2/20. Stock price was trending upward but i took a dip downwards due to the news of president Trump getting infected the covid-19. Salesforce (CRM) stock price will rise Monday and should reach $260.00 by the end of the week
Bull FlagCRM borke out of a V bottom a while back
Also broke up and out of a bearish rising wedge to the upside at 208ish which is unusual
Usually a stock break down from this pattern but some do break up. The break to the upside is not usually held for long though
CRM is still up there though and appears to be filling a gap up that occurred when it entered the DOW
NV is high
Short interest low but an increase today
Be careful and go with your gut on this one.
Not a recommendation
CRM Possible breakoutCRM Making A lot of noise. Technical levels: Over 254 can Target 265 and 284. A good tell for this one will be QQQ (which I published a chart for) getting over its resistance from the past few days
Bear down for Political RiskGreat company that flew too high to fast. An ideal Icarus that is a worthwhile short.
Personal Opinion + TA = not investment advice, best of luck!
