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  • eyesandears51 eyesandears51 May 23, 2013 5:32 PM Flag

    CRM: S/T Correction Underway...Mid to Long Term Positive Prospects

    CRM is accelerating the correction that began on May 20 in the aftermarket. Every day since then registers a lower low and a lower high. The down trend is confirmed by high volume. The company offered below consensus guidance for the next quarter, precipitating an additional 6% drop in today’s aftermarket and has fallen below the technically significant 20 and 50 day SMA.

    Stock could test the $ 39.75 support level reached in April. The stock typically drops after reporting earnings for 3-8 days.

    CRM has underperformed the SPY market index YTD. The charts show promise medium to longer term, but the short term risk adjusted reward is biased to correction for the next several trading days.

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83.77+0.420(+0.50%)May 27 4:02 PMEDT