Today’s instrument is Salesforce.com Inc.‘s stock traded on the NYSE exchange under the ticker CRM.
When we look at the CRM‘s chart, we see its rise from the $160 level on the 14th of May to the $166 on the 17th of May and its failed attempt to break the $169 overhead resistance leading to the retraction back to $160 on the 18th of May. Since then, it managed to climb to the $164 but then it fell lower to the $155 level during yesterday’s session. It was last found trading at the $155.46 range having the closest support level at the $154.
Today we can expect a move towards and below the $154 support level, possibly near $151
If however, it manages to hold on to the current level then a move towards the $160 can be expected.
(Click on image to enlarge)
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