Salesforce Daily
Price Action
CRM is currently attempting a reversal from its uptrend that started back in December / January. The head and shoulders that is developing is rather obvious, however it should noted that the left shoulder had much higher volume than the head; showing lack of buyers willing to participate. The right shoulder does have rather high volume so far, but we believe the gap that was created will be filled immediately and price action will move to the neckline (Red / Teal Solid).
Relative Strength Indicator
As shown, there is a clear divergence (Aqua Solid) that was extended into a trend line (Yellow Solid) which is an area to look for a break though for invalidation. RSI has moved back over the 50 level, but is currently approaching it's line of resistance.
On Balance Volume
Similar to the RSI, OBV has also created a divergence and is also now approaching a level of resistance (Red Solid). Breaking the level would signal an invalidation, however in conjunction with the prior stated analysis, we believe it will become a triple top.
TLDR;
No pittering or pattering, just get to it. I like it, thats how we operate here. A clear head and shoulders pattern is forming with divergences on the RSI and OBV. Both indicators are re-approaching a levels of resistance while price action is attempting to make a lower high from the head. We believe price action makes a turn around, fills the gap, and moves lower to test the neckline; look for heavy selling volume to confirm the break and wait for the retest. Target areas of support are shown if the head and shoulders plays out
What Seems Legit?
Well if you got yer gamblin' purse and got the itch, sell in September no regerts in November. "Bro you missed the hidden continuation divergence!!!", we chose not to label that because the price action stayed flat and didn't actually move higher; which is what you normally see. If you do have your gamblin' purse but your down to your last roll of quarters, wait for the neckline to snap then get your feet wet on the retest.
Check us out on Twitter for quick analysis charts not posted here, memes, and news that no one covers
Chart Key
Yellow Solid = Trend Line
Red Solid = Resistance / Support
Red / Teal Solid = Neckline
Aqua Solid = Divergences
White Dotted = H&S Invalidation Area
Green Boxes = Supports / Target Areas
Price Action
CRM is currently attempting a reversal from its uptrend that started back in December / January. The head and shoulders that is developing is rather obvious, however it should noted that the left shoulder had much higher volume than the head; showing lack of buyers willing to participate. The right shoulder does have rather high volume so far, but we believe the gap that was created will be filled immediately and price action will move to the neckline (Red / Teal Solid).
Relative Strength Indicator
As shown, there is a clear divergence (Aqua Solid) that was extended into a trend line (Yellow Solid) which is an area to look for a break though for invalidation. RSI has moved back over the 50 level, but is currently approaching it's line of resistance.
On Balance Volume
Similar to the RSI, OBV has also created a divergence and is also now approaching a level of resistance (Red Solid). Breaking the level would signal an invalidation, however in conjunction with the prior stated analysis, we believe it will become a triple top.
TLDR;
No pittering or pattering, just get to it. I like it, thats how we operate here. A clear head and shoulders pattern is forming with divergences on the RSI and OBV. Both indicators are re-approaching a levels of resistance while price action is attempting to make a lower high from the head. We believe price action makes a turn around, fills the gap, and moves lower to test the neckline; look for heavy selling volume to confirm the break and wait for the retest. Target areas of support are shown if the head and shoulders plays out
What Seems Legit?
Well if you got yer gamblin' purse and got the itch, sell in September no regerts in November. "Bro you missed the hidden continuation divergence!!!", we chose not to label that because the price action stayed flat and didn't actually move higher; which is what you normally see. If you do have your gamblin' purse but your down to your last roll of quarters, wait for the neckline to snap then get your feet wet on the retest.
Check us out on Twitter for quick analysis charts not posted here, memes, and news that no one covers
Chart Key
Yellow Solid = Trend Line
Red Solid = Resistance / Support
Red / Teal Solid = Neckline
Aqua Solid = Divergences
White Dotted = H&S Invalidation Area
Green Boxes = Supports / Target Areas