SalesforceUpdated Falling Wedge Channel Up
CRM appears to have been in a fat rising wedge, gapped up when added to the Dow, then experienced some definite issues at the top. It was a very long impulse leg up. Currently, appears to be in a channel up after breaking upper trendline of a bullish falling wedge.
The orange and green arrows are where price broke bollinger bands set with an 80 moving average which makes for an excellent chance of price going back inside the bands. I took the bands off because the chart was too busy looking.
I have looked for a some type of major pattern here and can not find one. If you do please let me know (o: I do not do well projecting targets without a pattern )o:
I thought I saw a rectangle but not enough touches. It is possible to project targets using a FW (falling wedge) just like a triangle, which puts this over the resistance level it is fighting at now at the top of the prior gap up.
There can be hard R (Resistance) when price tries to break through a gap boundary. There was no trading inside the gap until the gap is filled, so support and resistance levels are formed during the fill. If the gap is a gap up, the bottom boundary can act as strong support and the top boundary can act as resistance. A gap down often will find R at both boundaries when it tries to fill the gap. When these levels are surpassed, they become a form of S (Support).
The gap up because of aggressiveness by buyers, there are more buy orders at the open than there is available supply at the prior day’s closing price. Price gaps down because of the aggressiveness by the sellers, there are more sell orders at the open than willing demand at the prior day’s close. Therefore, large gaps are almost always at price levels where there is a supply and demand imbalance at the open. They can be caused by overnight sentiment or big news. Smart money may also be trying to skip an important support and resistance level, i.e. If they are bullish they can gap-up price above the supply zone
Price has been fighting R for 4 days...if it makes it through, then that R will become S.
CRM is very close to being overbought on RSI set on 80 and 30.
Price is above the 50 SMA (simple moving average) however the 100 is over the 50. The 50 is curling up to possibly cross up and through the 100 as is the 20. The 200 is below the 50 and the 100 where it is supposed to be. The 5 has crossed up through the 20 at 220.80ish. All moving averages are sloping up which is a bullish sign.
No recommendation..Time will tell (o:
The orange and green arrows are where price broke bollinger bands set with an 80 moving average which makes for an excellent chance of price going back inside the bands. I took the bands off because the chart was too busy looking.
I have looked for a some type of major pattern here and can not find one. If you do please let me know (o: I do not do well projecting targets without a pattern )o:
I thought I saw a rectangle but not enough touches. It is possible to project targets using a FW (falling wedge) just like a triangle, which puts this over the resistance level it is fighting at now at the top of the prior gap up.
There can be hard R (Resistance) when price tries to break through a gap boundary. There was no trading inside the gap until the gap is filled, so support and resistance levels are formed during the fill. If the gap is a gap up, the bottom boundary can act as strong support and the top boundary can act as resistance. A gap down often will find R at both boundaries when it tries to fill the gap. When these levels are surpassed, they become a form of S (Support).
The gap up because of aggressiveness by buyers, there are more buy orders at the open than there is available supply at the prior day’s closing price. Price gaps down because of the aggressiveness by the sellers, there are more sell orders at the open than willing demand at the prior day’s close. Therefore, large gaps are almost always at price levels where there is a supply and demand imbalance at the open. They can be caused by overnight sentiment or big news. Smart money may also be trying to skip an important support and resistance level, i.e. If they are bullish they can gap-up price above the supply zone
Price has been fighting R for 4 days...if it makes it through, then that R will become S.
CRM is very close to being overbought on RSI set on 80 and 30.
Price is above the 50 SMA (simple moving average) however the 100 is over the 50. The 50 is curling up to possibly cross up and through the 100 as is the 20. The 200 is below the 50 and the 100 where it is supposed to be. The 5 has crossed up through the 20 at 220.80ish. All moving averages are sloping up which is a bullish sign.
No recommendation..Time will tell (o:
Note
CRM broke up and out of a rising wedge. CRM has been in multiple rising wedges though. It has pierced the bottom trendline of all of them except the one that is quite a ways under price. CRM would have to go down to 189is to pierce the bottom trendline of the lowest rising wedge. You can find it right under the gap up.Note
I am beginning to wonder if CRM is going down to that rising wedge it left way below price. Price would need to go below 185 just to pierce the bottom trendline of that wedge. Just checking as the downtrend is there and it may or may not stop, except for gasps of air, until it gets there )o:.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.