Crisis will often lead to an opportunity.
In late May, we noted, “Salesforce.com (SYM: CRM) plummeted from about $2780 to $217.47 with a first quarter revenue miss. But it appears the pullback is overdone. Goldman Sachs reiterated a buy rating on the stock, with a price target of $315. JPMorgan analyst Mark Murphy said the sell-off in Salesforce stock is overdone.”
At the time, CRM traded at about $234 a share.
Today, after finding and holding support, it’s up to $242.62 a share. From here, we’d like to see it refill its bearish gap around $270 near term. Helping, RSI, MACD and Williams’ %R are all starting to pivot higher, too. Those indicators also told us the pullback was extreme.