CRM has been trending up in a long term channel and recently the lower support line has risen much sharper while the resistance line remains the same, giving us a beautiful descending pattern to play off of. Resistances right now are the Upper and the upper resistance of the channel. While Salesforce has been able to breach the Upper in the past, it generally cannot maintain the breakout for long, and always rejects hard when up against the channel resistance.
Further, the is setting up divergence on the and oscillators, adding to my confidence of a short term correction in the near future.
We currently have a on the daily at 158.93, the loss of which could signal an earlier entry. I'm looking for a loss of the hourly higher lows to signal an entry - in the current formation that would be a loss of 158.12 support. My profit target would be to cover in the $150-145 range, and I would cover for a loss if we set a new all time high above 161.08.