CRM bearish divergence pointing to short term correction
CRM is a name in a long term uptrend I really like for a long, and the technicals are telling me a long signal may be coming up soon. But first, we're getting some pretty clear short signals that I fully intend to take advantage of.
CRM has been trending up in a long term channel and recently the lower support line has risen much sharper while the resistance line remains the same, giving us a beautiful descending wedge pattern to play off of. Resistances right now are the Upper Bollinger Band and the upper resistance of the channel. While Salesforce has been able to breach the Upper Bollinger Band in the past, it generally cannot maintain the breakout for long, and always rejects hard when up against the channel resistance.
Further, the daily chart is setting up bearish divergence on the MACD and RSI oscillators, adding to my confidence of a short term correction in the near future.
We currently have a double bottom on the daily at 158.93, the loss of which could signal an earlier entry. I'm looking for a loss of the hourly higher lows to signal an entry - in the current formation that would be a loss of 158.12 support. My profit target would be to cover in the $150-145 range, and I would cover for a loss if we set a new all time high above 161.08.
CRM has been trending up in a long term channel and recently the lower support line has risen much sharper while the resistance line remains the same, giving us a beautiful descending wedge pattern to play off of. Resistances right now are the Upper Bollinger Band and the upper resistance of the channel. While Salesforce has been able to breach the Upper Bollinger Band in the past, it generally cannot maintain the breakout for long, and always rejects hard when up against the channel resistance.
Further, the daily chart is setting up bearish divergence on the MACD and RSI oscillators, adding to my confidence of a short term correction in the near future.
We currently have a double bottom on the daily at 158.93, the loss of which could signal an earlier entry. I'm looking for a loss of the hourly higher lows to signal an entry - in the current formation that would be a loss of 158.12 support. My profit target would be to cover in the $150-145 range, and I would cover for a loss if we set a new all time high above 161.08.
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