Salesforce (CRM) Analysis by technicaltrader

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trading · @technicaltrader · Oct 5 '18

Salesforce (CRM) Analysis

![](https://cdn.steemitimages.com/DQmX4hWfWnzL1GCh5j3gUvLBoWyrgvupqj64zaU1LBGqDcw/image.png)

Whilst this name has been a strong performer and I'd usually avoid looking for short set-ups in those cases, the rising wedge is one of the more highly reliable patterns and yesterday's price action broke below the lower boundary of support. Divergence is also present on the daily and taking a look at the weekly chart below, its rejecting the top of the long term trend channel, with divergence  also present.

![](https://cdn.steemitimages.com/DQmNvvwu1HHq43HYZzv7TodVgwGW1QqDYKTEkAgr7r6JjDa/image.png)

Price should target the bottom of the wedge at 135.39. A move to new high negates the bearish view.

👍 rollandthomas

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@rollandthomas · Oct 5 '18

Salesforce has been a strong player in the cloud space, but may be due for a breather.

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@technicaltrader · Oct 5 '18

feels like a lot of tech space to come under pressure. More opportunities on the downside for the time being I think.

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