Chart of Day: (CRM) – 6/8

Crisis will often lead to an opportunity.

In late May, we noted, (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.

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