Not really oversold in my opinion. Downside risk is around 170 which would be 10% off the high. That's where stop losses could kick in and run this thing back down. Obviously this depends on the overall market to some degree.
The gap up on in line revenue earnings and in line guidance which was a sham is probably in play which is basically 169ish, so I agree but this could just be an options event.
Being that this is options expiration I am not sure where max pain is.
If this is the start of a much needed correction and/or rotation out of bloated pigs like this AMZN and NFLX look for more pain to the downside.
If not maybe the high flying sell side cartel scams keep going up but we will see. This companies sector other than the bigger guys is sky high right now with great revenue growth but at what cost? The only way CRM is cheap is on a relative basis to smaller enterprise software companies like NOW and WDAY but you wonder if those are just more bloated up because companies like CRM might buy them. Therein lies the scam as the company buys growth and gives away millions of shares to insiders and creates little to no GAAP earnings.
well i did up until this week. This stock is not trading as predictably as it had in the past. Maybe it's finally going to trade like a stock that loses money every quarter or maybe it's just an OPEX thing. Who knows.