Tracking CRM's Price Path
On Thursday of this past week, Mike Paulenoff alerted MPTrader members of a long set-up in CRM (salesforce.com), writing:
"After making yet another new multi-month corrective low at 212.98 last Friday, CRM has turned up and has climbed above initial resistance at 219.50-220.00, which triggered an initial 'long alert' in my work."
Mike added: "My work argues that CRM has turned up, and has triggered a preliminary buy signal. Only a sharp downside reversal that violates the Jan 15th intraday low at 212.98 will invalidate the signal."
Mike had been tracking CRM in the MPTrader Trading Room for the past 7 weeks, as it progressed towards completion of a major correction.
On Friday morning, he followed up, noting: "CRM is following my preferred technical price path, turning up from last Friday's low at 212.98 towards a challenge of 223-225, which if (when?) hurdled, will confirm the conclusion of the entire Sep-Jan correction (284.87 to 212.98), and the initiation of a potentially very powerful new upleg."
As it turned out, Goldman Sachs on Friday upgraded CRM to a "Buy," with a target orice of $315, and the stock reached an intraday high of 227.79 before closing at 225.77.
Is CRM poised for upside continuation after a completed multi-month correction?
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More Top Calls From Mike
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On October 23, 2023, ten days before the November 1st FOMC meeting and policy statement, I posted the following commentary about the downward-spiraling TLT (20+ year T-bond ETF):My attached 4-hour Chart of TLT shows that the relentless and near-vertical downtrend that commenced at the beginning of August from around 100 hit a new long-term low at 81.92 this AM, positioning it in my intermediate-term optimal downside target zone from 80 to 82.
On the afternoon of September 25, Mike Paulenoff posted a warning signal to MPTraders members about the developing acute oversold condition in RTX (formerly Raytheon Technologies), writing:"RTX (formerly Raytheon Technologies) hit a new multi-month corrective low of 71.02, down 33% from the 4/10/23 post-pandemic High at 106.02. Although RTX has violated my optimal target window of 73-75, the stair-step corrective pattern off of the 4/19/23 high at 104.
On October 3, Mike Paulenoff posted the following "Heads Up!" about GLD (SPDR Gold Trust, ETF) for MPTrader members: "GLD has pressed to an important technical inflection window from 169.50 down to 166.30, from where I will be expecting corrective downside exhaustion off of the 5/04/23 high at 191.36, and new buying interest. From a nearer-term perspective, given the acute oversold but CONFIRMED Momentum reading of 17.16 an hour ago, my preferred scenario argues for another loop down that marginally violates today's low at 168.
On September 28, 2023, with NVDA trading at 429.31, I told MPTrader members that my work is warning me about a complex technical setup that argues for a prolonged corrective scenario prior to a resumption of dominant uptrend strength. I posted the following:My near-term pattern and momentum work argue that since its 9/21/23 corrective low at 409.