The cloud stocks have all fallen out of favour as a result of what is considered high valuations, there has been a obvious rotation inot value rather than growth, CRM has been hit like all others. Despite this todays action in the options markets are extremely bullish with enormous call options traded with a $170 strike price.
Technically the chart is hitting heavy resistance, with convergence of Fib and downtrend resistance.
Indicators are bullish but a high volume trading session is needed to break the aforementioned resistance level.
Good R/R trade entry level $157.50 Target price $170
Average price target $187 Very achievable by year end, if the cloud stocks get their mojo back.
P/e ratio 128 - Very high but historically it has been forgiven
Company profile
Salesforce.com, inc. engages in the design and development of cloud-based enterprise software for customer relationship management. Its solutions include sales force automation, customer service and support, marketing automation, digital commerce, community management, collaboration, industry-specific solutions, and salesforce platform. The firm also provides guidance, support, training, and advisory services. The company was founded by Marc Russell Benioff, Parker Harris, David Moellenhoff, and Frank Dominguez in February 1999 and is headquartered in San Francisco, CA.
Technically the chart is hitting heavy resistance, with convergence of Fib and downtrend resistance.
Indicators are bullish but a high volume trading session is needed to break the aforementioned resistance level.
Good R/R trade entry level $157.50 Target price $170
Average price target $187 Very achievable by year end, if the cloud stocks get their mojo back.
P/e ratio 128 - Very high but historically it has been forgiven
Company profile
Salesforce.com, inc. engages in the design and development of cloud-based enterprise software for customer relationship management. Its solutions include sales force automation, customer service and support, marketing automation, digital commerce, community management, collaboration, industry-specific solutions, and salesforce platform. The firm also provides guidance, support, training, and advisory services. The company was founded by Marc Russell Benioff, Parker Harris, David Moellenhoff, and Frank Dominguez in February 1999 and is headquartered in San Francisco, CA.