Published on 22 Apr 2024 on Schaeffer's Investment Research via Yahoo Finance
Bull Signal Flashing for Cloud Technology Stock
Salesforce.com, inc. (NYSE:CRM) stock is 0.2% higher at $270.90 at last glance. Shares of the blue-chip cloud technology stock recently suffered a bear gap on the charts that pulled it away form its March 1, record high of $318.72. The equity has shed 11.6% over the last month and is now closing in on its year-to-date breakeven mark, though a historically bullish trendline could help turn things around.
Specifically, Salesforce.com stock just came within one standard deviation of its 126-day moving average, after months spent above this trendline. According to data from Schaeffer's Senior Quantitative Analyst Rocky White, one similar signal was seen over the last three years. CRM enjoyed a positive return one month later after that instance, snagging a 5.5% gain. From its current perch, a comparable move would place the security at nearly $286.