Salesforce Has Been Snoozing

NYSE:CRM   Salesforce, Inc.
Salesforce rallied along with other software and growth names between March and May. Is it poised for more upside after a June pause?

The first pattern on today’s chart is the falling trendline along the recent highs. A break of that resistance could make traders expect the uptrend to continue.

Next, CRM has been stuck near the 50 percent retracement of its drop between November 2021 and December 2022. That’s a natural place for a breather. However other stocks like Tesla and Meta Platforms have continued higher after resting at similar spots.

Third, Bollinger Band Width has narrowed to its tightest range in almost two years. That price compression could be followed by a period of expansion.

Finally, moving averages are still consistent with upward movement in price. CRM has stayed above its 50-day simple moving average (SMA). The 8-day exponential moving average (EMA) has also remained above the 21-day EMA.

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