CRM stock price recovered approximately 7% from the recent swing low and displayed signs of a bullish trend reversal. It regained the $200 level and attempted to break the $210.00 swing-high hurdle.
Salesforce stock price holds the 200-day EMA support and is approaching the 50-day EMA. If the buyers sustain the price above the 50-day EMA, then the possibility of a $210.00 breakout will increase.
In the last two months, Salesforce Inc. stock (NYSE: CRM) traded with a bearish bias. It corrected approximately 15% from the September highs and eroded the minor portion of the previous gains.
However, the downfall halted near $200 and buyers came forward to push the price higher.
Meanwhile, the broader market indices like the Nasdaq Composite and Dow Jones are also in a recovery phase. So, it improves the market sentiment and indirectly affects the CRM shares.
In the coming week, $210.00 will act as an important hurdle for the bulls. If buyers succeed in breaking out of the hurdle, then 5% to 8% more upside will begin.
At the time of writing, Salesforce stock price is at $208.11 and market capitalization stands at $202.49 Billion.
CRM Stock Price Analysis: Is the Downfall Halted?
CRM stock price performed well in 2023 and generated decent returns for its long-term investors. However, for the past few months, sellers have dominated and restricted the price from hitting new highs.
Presently, the price pattern of the Salesforce stock indicates that the downfall has taken a halt. So, a pullback rally or a narrow-range consolidation in the stock may be visible.
Till the CRM share price sustains above $193.50, bulls will remain active and try to push the price toward new highs. However, if the price faces rejection from the EMAs and drops below $193.00, then investors should be prepared for the next phase of correction.
Salesforce Stock Price Formed a Bullish Engulfing Candle
Salesforce stock price rose 5% in the current week and formed a bullish engulfing candle on a weekly chart. It will be interesting to see how the price will react in the next week which will decide the direction.
The RSI at 55 slopes upward indicating strength and the confidence of the bulls. The MACD curve displayed a positive crossover and the histogram bars turned green. It denotes that the bullish momentum in CRM stock may continue.
Conclusion
CRM stock price is in a recovery phase and displayed signs of a bullish trend reversal. Buyers look more active as compared to sellers. So, the recovery is likely to continue.
The analysis suggests the downfall in Salesforce stock has taken a halt but the price may consolidate for some time before heading higher.
Technical Levels
- Resistance levels: $220.00 and $228.69
- Support levels: $193.00 and $185.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/11/03/crm-stock-price-regains-200-will-salesforce-stock-reach-230/