CRM closes within previous day's range after lackluster session


Salesforce.com (CRM) Technical Analysis Report for Apr 16, 2018 [< 1 min read]
Highlights
CRM finds buyers again around 118.66
CRM still stuck within tight trading range
CRM closes within previous day's range after lackluster session
TQ Sentiment
Report Sentiment: 28% Bullish
Technical Forecast:
Overview

CRM ended Monday at 119.41 edging higher $0.40 (0.34%). Closing within the prior day's range, prices failed to decisively move past the previous day's trading range in a lackluster session.

Daily chart for CRM
Volatility

Monday's trading range was $2.32 (1.92%), that's below last trading month's daily average range of $3.45. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly below average. Prices continued to consolidate within a tight trading range between 117.68 and 121.94 which it has been in now for the last trading week.

Price Action

During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar.

Support/Resistance

Prices are trading close to a key support level at 118.50. After having been unable to move lower than 118.50 in the previous session, the market found buyers again around the same price level today at 118.66.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Order Flow

Buying could accelerate should prices move above the close-by swing high at 121.94 where further buy stops might get triggered. Selling could speed up should prices move below the nearby swing low at 118.50 where further sell stops might get activated.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for Salesforce.com
ConditionForecastDirectionWinAvgWorstBestEvents
Close near high of period TQ Pro Members Only
RSI(2) above 80 TQ Pro Members Only
2 Consecutive Higher Closes TQ Pro Members Only
Close to Swing High TQ Pro Members Only
RSI(14) above 70 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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