Crm now below the 50 day avg after putting in place a picture perfect island reversal top at the all time high which couldn't be eclipsed in light of the overall market making it's final move higher ( poor relative strength) to end the bear market rally begaun in March of 2009 ( it ended yesterday on the outside reversal day on the SPX. See my intraday message). Now Crm has broken the 50 day avg and the intraday low of the intermediate trading range ( ie traded below $169.00). It has since traded back up to the 50 day avg from below ( retesting prior support - now resistance) and failed during the overall market's attempted intraday recovery. Current Crm price $169.90. Now is the time to get very very short and/or get in March and April at the money or just slightly out of the money puts. Best wishes, shorts. Our time has come.
I would still advise alot of caution shorting this, a week before earnings especially. While I agree with your technical analysis I must point out two things. 1. It has not closed below the 50dma yet. 2. The MMs here will gap it up $15 day after earnings and erase that 50dma technical resistance with ease, they do it every time. This is still 100% institutionally owned and they only way they can generate enough buying is to gap it up huge day after earnings (happens every time). SHort cautiously, don't bet the farm here IMO.
It hasn't closed below the 50...yet. And be wary of PR smokescreen check, analyst blather Wm Blair check, and probably more analyst comments tomorrow or other PR news. BUT, if WM BLair's supposed big deals in pipeline didn't close for this quarter then plop plop all the fizz goes out of the balloon.