CRM has shown strong support at $220 in the last few trading days and has shown weakness at the $229 wall.
The $228 support that we found in October has subsequently turned into a resistance point.
The following are the three outcomes for CRM stock in the next 3 months:
1. If it smashes $229 resistance, the stock could rally to $240
2. If support at $220 is broken, next support line is $215
3. If $215 support breaks, the stock is likely to trade between $190-$205.
If you are planning to go Long on CRM, do these things:
1. Watch the stock on Friday and see how it plays out. With the vaccine news out, I see it going lower. What you should do is see if it holds $220 support. If $220 holds, buy 25% of what you intend to buy.
3. If $220 support is broken, wait for a pullback to the $215 line and buy another 25%.
4. If $215 breaks, buy the remaining 50% of what you originally intended to buy at $205-$208.
5. Set your stop loss limit at $190. This is a worst case scenario, but it is better to manage risk to the downside, considering the current market conditions.
The $228 support that we found in October has subsequently turned into a resistance point.
The following are the three outcomes for CRM stock in the next 3 months:
1. If it smashes $229 resistance, the stock could rally to $240
2. If support at $220 is broken, next support line is $215
3. If $215 support breaks, the stock is likely to trade between $190-$205.
If you are planning to go Long on CRM, do these things:
1. Watch the stock on Friday and see how it plays out. With the vaccine news out, I see it going lower. What you should do is see if it holds $220 support. If $220 holds, buy 25% of what you intend to buy.
3. If $220 support is broken, wait for a pullback to the $215 line and buy another 25%.
4. If $215 breaks, buy the remaining 50% of what you originally intended to buy at $205-$208.
5. Set your stop loss limit at $190. This is a worst case scenario, but it is better to manage risk to the downside, considering the current market conditions.