Salesforce.com Could Be Trending LowerSoftware companies like Salesforce.com have struggled with rising interest rates and a strong U.S. dollar. Today we'll consider some potentially bearish patterns on the daily chart.
First is CRM's inability to reclaim the monthly lows of June and July last week. (Both were around $158.)
Second is the descending channel taking shape since the beginning of September.
Next, consider how the stock has remained below its 21-day exponential moving average (EMA) over the same period.
Finally, stochastics are retreating from an overbought condition.
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