When you take a glance at the CRM chart on the Weekly time frame, you can see that the stock made it's important move above the 200SMA line, which is considered as a good bullish sign for any stock to start it's rally up.
Things to consider when looking at CRM chart:
1. On Weekly time frame, price confirmed it's last known support levels sitting at $191.5 and $195 price levels.
2. If todays CPI data are good, potential buyers may enter the market and all stocks could see a potential upside buy momentum.
3. According to todays inflation news, my entry will be partial, I will not enter the full position since we have a resistance zone just above the current price level, sitting at $203.5 to $206 price range.
4. If the above mentioned resistance line gets broken, I will surely be adding to my position.
5. I will not let the price of stock move a lot, my stop loss level will be set in place at price right below the box which is the last support line. Price I am looking for potential stop loss is set to $108.5. On Weekly time frame, that is just below the 200SMA line. On Daily, it is just under 50SMA line. In my opinion, those are good levels to exit the position if the price has a significant drop.
6. Ideal Take Profit price is set to $275.5 level, which is a good resistance zone. That doesn't mean I will held or close the position, this is just my long term price goal for the stock. If market gives me a clear signal, I will either exit the position or add to it, depending on the signal given.
Of course, this is not a financial advice. This is just my personal opinion. Please do your due diligence before investing.
CRM
Things to consider when looking at CRM chart:
1. On Weekly time frame, price confirmed it's last known support levels sitting at $191.5 and $195 price levels.
2. If todays CPI data are good, potential buyers may enter the market and all stocks could see a potential upside buy momentum.
3. According to todays inflation news, my entry will be partial, I will not enter the full position since we have a resistance zone just above the current price level, sitting at $203.5 to $206 price range.
4. If the above mentioned resistance line gets broken, I will surely be adding to my position.
5. I will not let the price of stock move a lot, my stop loss level will be set in place at price right below the box which is the last support line. Price I am looking for potential stop loss is set to $108.5. On Weekly time frame, that is just below the 200SMA line. On Daily, it is just under 50SMA line. In my opinion, those are good levels to exit the position if the price has a significant drop.
6. Ideal Take Profit price is set to $275.5 level, which is a good resistance zone. That doesn't mean I will held or close the position, this is just my long term price goal for the stock. If market gives me a clear signal, I will either exit the position or add to it, depending on the signal given.
Of course, this is not a financial advice. This is just my personal opinion. Please do your due diligence before investing.
CRM