Salesforce has not performed well in the last month, declined by 7.98%, and rose by 30.23% in the last six months. Salesforce, Inc. (NYSE: CRM) stock has a positive year-to-date return of 54.69% and a one-year return of 18.90%. The average volume is 4.325 Million and the current volume is 3.833 Million where the current volume is below average volume. Moreover, Salesforce, Inc. announced about the Q2 report that they will report results after the market on August 30, 2023.
The CRM stock took support from a low of $169 on March 10th and made higher highs and lows and made continuous breaks of structure till $238 and was following the trendline sharply in its upward rally of almost 41% by July 23rd.
Thereafter, the CRM stock price faced rejection at a high of $238 and the price declined and reached 23.60% Fibonacci level around the price of $222 but failed to sustain and decline further by giving a breakdown from the trendline. The price is then trying to sustain a 50.00% Fibonacci level at around $204 and the CMP is $209.13.
Moreover, the stock broke the previous swing low at around 38.20% Fibonacci level and we noticed a change of character in the market structure of CRM stock. Also, the stock price is trying to reverse near the order block or demand zone where orders are present and which were waiting to be triggered. If it stays unmitigated then the price might reverse or if mitigated then the order block will be destroyed and it might consume liquidity below the order block and may fall sharply by making new downtrend breaks of the structure. This is by making lower lows and highs and reaching nearby support at 61.80% and 78.60% Fibonacci levels.
Therefore, if Salesforce fails to maintain its current level, the CRM price could continue to drag downwards and hit the nearest support levels around $194.18 and $190.97.
Alternatively, if the stock price sustains the current level and Salesforce’s price increases, then it might reach the nearest resistance levels of $217.83 and $222.02.
CRM Stock Price Technical Analysis in 1-D Timeframe
At the time of publishing, Salesforce, Inc. (NYSE: CRM) is trading underneath all the major exponential moving averages (EMA’s – 20, and 50-day), which declines the Salesforce stock price (CRM) trend, and 100, and 200-day EMA supports the price if buying volume increases then rejecting EMA’s may be conquered in the CRM stock.
The current value of RSI is 44.23 points. The 14 SMA is below the median line at 38.50 points which indicates that CRM stock is trying to exit bearish territory as the RSI line took support from 14 SMA and headed for overbought side.
The MACD line at 3.38 and signal line at 2.88 are above the zero line and both lines have narrowed towards each other. A bearish crossover is anticipated next in the MACD oscillator which expresses the upcoming turn from bearishness to bullishness for the Salesforce stock price.
Salesforce, Inc. (NYSE: CRM) price action highlights a bullish view. At the time of publishing, the technical oscillators for CRM stock price also support a bullish trend. Most sought-after and reliable oscillators such as MACD, RSI, and EMA highlight upward hints in Salesforce price. Moreover, the investors and traders of the stock are positive and bullish on the daily time frame chart highlighting the bullish sentiments.
- Support levels: The nearest support levels for CRM stock price are $194.18 and $190.97.
- Resistance levels: The nearest resistance levels for the Salesforce stock price are $217.83 and $222.02.
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