Salesforce And FireEye Traders Continue To Lower Price Points They're Watching
The majority of stocks are off to a rough start in 2016, and salesforce.com, inc. (NYSE: CRM) and FireEye Inc (NASDAQ: FEYE) are no exceptions. FireEye shares are already down 37.7 percent this year, while Salesforce has fallen 23.3 percent.
According to data from Call Levels, traders now have the most Salesforce notifications set for around $58. The stock recently dipped as low as the $52 level before bouncing above $60 once again. Traders could be watching for another breach of $58 as a sign the stock may once again be making a push to new multi-year lows. Just a month ago, traders were watching the $72-75 level for Salesforce.
For FireEye, traders currently have the most notifications set for around $12. This level likely serves a similar purpose as a potential sell signal for FireEye traders. The stock's 2016 selloff has sent it tumbling to new all-time lows, meaning that there is little technical support for the stock as it enters into uncharted territory. As recently as one month ago, FireEye traders were watching the $17-18 level for trading opportunities.
Related Link: Robert Coleman's quote about market volatility still rings true today.
Both of these stocks will likely face continued selling pressure if the NASDAQ heads lower in coming weeks, and neither bulls nor bears want to miss the next leg down for Salesforce or FireEye.
Disclaimer: Any comments, opinions, perspectives and analyses including but not limited to views etc. are that of the authors own, and in no way can be perceived as professional investment advice. Examples of analyses, calculations performed within the Content are only examples and/or instances taken from the Call Levels App. These analyses, calculations etc. should not be treated as professional investment advice, strategy or any variant of such forms as they are based on limited and open source information. All prices, data and calculations are correct at the time of posting.
Disclosure: The author holds no position in the stocks mentioned.
Image Credit: By Raysonho @ Open Grid Scheduler / Grid Engine (Own work) [CC0], via Wikimedia Commons
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