Trade of The Day – Salesforce Inc (NYSE: CRM) February 14, 2023 238
Salesforce Inc (NYSE: CRM)
(Current Price: US$171.08) – TECHNICAL BUY
Buy price: US$171.08 Stop loss: US$165.00 Take profit 1: US$178.80
Take profit 2: US$189.20
The price has found support at the US$165 level, which was previously a strong resistance now turned support, with the formation of a bullish engulfing candle on 13 February following a back test. We can see continuation of the bullish momentum with price trading in an uptrend channel currently, to retest the recent swing high level at US$178.80 and subsequently the US$189.20 level, which was a strong resistance level from June to August 2022.
Our institutional research has a fundamental recommendation of BUY for this counter, with a target price of US$205.00.
Expected timeline of the trade is 2-4 weeks from the date of report issuance.
Join our telegram channel on technical analysis for trends, entry and exit prices over Stocks, ETFs, and Indices!
Featuring regular TA posts and requests to analyse specific stocksAbout the author
Zane Aw
Technical Analyst
PSR
I analyze the stock market and conduct technical analysis to provide investment recommendations. I look forward to having a conversation with you in our in-house seminars and presentations to identify good risk-reward trading strategies together. I graduated from Nanyang Technological University with a Bachelor of Accountancy (Honours).