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.

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About the author

Profile photo of Zane Aw

Zane Aw
Technical Analyst

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).

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