• CRM Stock growth halted in the month of June with a decline of 3.78%
• CRM Stock has delivered a Year-To-Date Performance of 56.27%

CRM Stock Price delivered outstanding returns since the start of the year. June has been a slow month of consolidation. Salesforce, INC. closed the week at  $211.26. with a surge of 0.39% over the previous day.

Salesforce announced its plans to invest $4 Billion In UK business over the next 5 Years. This investment is focused to aid the development of AI Innovation. As the demand for artificial intelligence continues to rise,Salesforce commits to be a part of this demand .

CRM Stock Price: A Strong uptrend

Source: CRM Stock Price Chart by TradingView

The daily chart offers an overview of the strong uptrend followed by CRM Stock. The market began its ascent in December last year while fetching a solid gain of almost 65% so far. The price comfortably floats above the 200 EMA which is the evidence of a strong bull trend.

CRM Stock Price is favoring the bulls with its rising prices. Market is consolidating near the resistance of $223.00. The price has a primary support at $204. The buyers are buying the dips and pushing the market higher. Salesforce demonstrated excellent performance amidst global economic tension.

Potential Bull-Flag: Technical Indications!

Source: CRM Stock Price Chart by TradingView

A further analysis of the 4H time frame unveils a formation of a Bull Pennant pattern. It is a common sight in a strong uptrend. The pattern carries a target of  $240 which is roughly 10 % ride from here. The Price will have to clear the immediate resistance to maintain its trajectory of the target.

CRM Stock price is moving around the 9 and 15 EMA which is a sign of a sideways market. The technical indicators conveys diminishing momentum as the price consolidates. It is a sign that volatility is just around the corner and a big move may be on the way.

RSI:

The RSI indicator is currently at 50.36. It means the market may move sideways in the short term

MACD:

The MACD indicator is sticking to the signal line . The Histogram bars are very small.The market is moving sideways with less momentum

200 EMA:

As observed, on the 4hr, the price is trading above the 200 EMA(exponential moving average) which acts as a significant support. This is a clear indication of an uptrend where the buyers are in control and for a trend reversal, the price must break and trade below the 200 EMA.

Summary:

CRM Stock Price delivered outstanding returns since the start of the year. June has been a slow month of consolidation. A bull pennant may induce momentum and prices may start to fly soon. It is wise to remain unbiased and make reactive decisions in the market. The technical indicators point towards more upside.

Technical levels

Support Levels: $204- Support 1

    $190- Support 2

Current Price: $211.26

Resistance Levels: $223 – Resistance 1

        $240  – Resistance 2

Disclaimer

In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish investment, financial, or any other advice. Trading or investing in cryptocurrency or stock market comes with a risk of financial loss.