u s shares highlights salesforce com 717602015
<p>Salesforce.com (CRM) – Further potential upside movement above 70.20 support (Click to enlarge charts) Key elements Salesforce.com continues to evolve within a long-term bullish trend […]</p>
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Salesforce.com (CRM) – Further potential upside movement above 70.20 support
Key elements
- Salesforce.com continues to evolve within a long-term bullish trend since August 2014 (see weekly chart).
- The long-term resistance at 84.50/84.60 is derived from multiple Fibonacci projection levels from various degrees and the upper boundary of a long-term ascending channel (in purple) in place since 19 December 2011 (see weekly chart).
- On the medium term, the stock has managed to stage a rebound from the upward sloping 50-day Moving Average (in blue) and trendline support joining the lows since 16 January 2015 at 70.20 (see daily chart).
- Both the long and intermediate term RSI oscillators remain bullish above their respective supports (see weekly & daily charts).
Key levels (1 to 3 months)
Pivot (key support): 70.20
Resistance: 78.45 & 84.50/84.60
Next support: 60.45
Conclusion
As long as the 70.20 pivotal support holds, Salesforce.com is likely to see a another round of potential upside movement to retest the 29 April 2015 swing high at 78.45 before targeting the significant resistance at 84.50/84.60.
However, failure to hold above 70.20 may negate the bullish tone to see a deeper decline towards the next support at 60.45 (also the lower boundary of a medium term ascending channel in place since 15 October 2014 low).
Source: Charts are from eSignal
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