CRM +10% In 2 Weeks After Our Alert
by Mike Paulenoff
April 11, 2021 • 8:04 PM EDT
On March 30, with Salesforce.com (CRM) trading at 210.95, Mike Paulenoff wrote MPTrader members:
"The relentless stair-step decline within the Sep.-Mar. down-channel is nearing completion ahead of my expectation of a powerful upleg that revisits and takes out the ATH at 284.87."
Fast-forward to last Thursday afternoon, April 8, when CRM finally received some long-awaited price support from Wall Street. BofA included the stock in its new "4M Framework" for identifying winning stocks in top server and enterprise software businesses, giving it Buy rating with a $275 price target.
CRM was trading at around 225.40 at the time of BofA's report, and Mike highlighted the 226.58 level (its down-sloping DMA) as key resistance it needed to get through in a follow-up post on Friday.
CRM blasted above its 200 DMA at 226.58, closing Friday at 231.28, and is poised for a run at its dominant multi-month resistance line, now in the vicinity of 239.20.
CRM has climbed nearly 10% from Mike's March 30 post.
What's next for CRM as The Street enters into a new quarterly earnings season this coming week? Will it challenge and take out its dominant September-April down trendline, and thereafter play catch-up with the overall technology sector?
Join us at MPTrader for Mike's technical set-ups, fundamental and technical discussions about individual stocks, macro indices, ETFs, precious metals, crypto currencies, and more.
Mike Paulenoff is the author of MPTrader.com, a real-time diary of his technical analysis & trade alerts on
ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international
markets, plus key ETF component stocks in sectors like technology, mining, and banking.
Sign up for a Free 7-day Trial!
More Top Calls From Mike
On February 26, 2025, just 30 minutes before NVDA (Nvidia Corp) was scheduled to release its highly anticipated and potentially consequential Quarterly Earnings Report, I reiterated my most recent analysis uploaded before the opening bell. This is what I posted to the MPTrader Discussion Room:Technically, my Big Picture setup work on NVDA argues that the 2/03/25 low represented the END of a major correction that originated at NVDA's "orthodox" price high of 152.89 on 11/21/24-- the session following the company's November 20, 2024 Earnings report.
Before the market opening on February 4, 2025, hours after Palantir Technologies (PLTR) reported stellar Earnings, this is what I discussed with MPTrader members:In reaction to Earnings, PLTR has sustained strength above my "outlier" target zone of 96 to 100, which requires new upside pattern parameters. My optimal price path from atop the post-Earnings, 25% upmove points to an immediate objective of 105-08, followed by a contained pullback into the 95 area, ahead of a thrust toward 115-118 thereafter... Last is 103.50...
On January 6, 2025, this is what I discussed with MPTrader members about the Chinese equity names--Alibaba (BABA) in particular:BABA-- For anyone who wants an outlier contrarian play for the first two-quarters of the Trump Agenda, let's consider BABA. Purely from a technical perspective, I can make a compelling technical argument that the 12/20/24 low at 81.5 ended the larger correction off of the Oct 2024 upleg (from 71.80) high at 121.06. To confirm the low, any weakness must hold support at 81.50-83.
Never a dull moment since January 20, 2025! This weekend, POTUS imposed 25% tariffs on Mexico and Canada, and 10% on China, which go into effect on Tuesday. From an initial market perspective, tariff trade war fears have triggered a risk-off reaction from Bitcoin-- the only highly liquid weekend market that can give us insight into what to expect for Sunday evening and Monday morning trading.
On December 27, 2024, with META trading at 595.26, this is what I posted to the MPTrader Discussion Room in response to a member's question:My pattern work from the October 2023 low at 279.40 to the December 2024 ATH at 638.40 (+128%) tells me that META is at a technical crossroad now... META's most recent upleg from the 11/19/24 low at 547.71 to the 12/11/24 ATH at 638.40 has the "right look" of a completed advance.
