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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