Monday’s opening price for Salesforce’s stock was marginally above its body support line, therefore, still while consolidating, it was yet another day that CRM respected its daily support lines – the 39-day EMA (body) and the 43-day EMA (wick) – since January 2023.
CRM ended the day with a bullish engulfing candle:
The same theme was painted on CRM’s weekly chart:
Here CRM has been consolidating while enjoying the support of the 10-week EMA (body) and the 12-week SMA (wick) support lines. Like with the daily chart, these too registered in January 2023.
Salesforce’s stock gapped up the next day and kept on going:
The week ended with a beautiful, big, green candle:
Now that the 154-week SMA short-lived resistance line is out of the way, the sky cleared. Having no other weekly lines resisting above, let’s look at the monthly chart:
The 34-month SMA line goes a long history with CRM. It was cast for a supporting role starting in 2009 and stuck throughout the many seasons with brilliant performances when called on duty. Its support pushed the main star, CRM, up to new highs. It was all good until the main star decided to break the contract between them. CRM pondered about it in February 2022, and then a month later, in March of 2022. The 34-month SMA couldn’t bear it anymore and let the star, CRM, fail and fall down in April 2022.
That same 34-month SMA line stopped by last month to show its face, but this time to resist. It sits now at $211.65. The stock opened the month below it, at $210.57, however, if CRM closes the month above $211.6, then this line will be out, clearing the way for an old pal to do what it wants.