Tracking CRM's Price Path

On Thursday of this past week, Mike Paulenoff alerted MPTrader members of a long set-up in CRM (, 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?
Join Mike in the MPTrader Trading Room for his technical updates in addition to analysis, discussion, and commentary from our members throughout the trading day about individual stocks, indices, macro trends, currencies, precious metals and more.

More Top Calls From Mike

  • Action-Oriented Trade Set-Ups in Stocks & ETFs
  • Macro Analysis of the Broader Markets
  • Detailed Technical Guidance for each Trading Idea
  • Live Interaction w/ Mike & Our Member Community
  • And Much, Much More!
Join Now! - Special Offer!
Veteran Wall Street analyst and financial author, Mike provides detailed and timely analysis and trade set-ups on a range of markets. Read more...

Have Mike's “Out Front” morning analysis delivered FREE to your email inbox twice weekly!