In last evening’s Forecast Report, Salesforce.com (CRM) signaled a potential short play for early Wednesday at 71 to 70.50.
CRM hit a pre-market high of 71.20. A sell at the top of our target range, 71, as measured to the day low of 64.77, is 9% in the black.
In Tuesday evening’s Forecast Report, Salesforce.com (CRM) indicated a potential pre-market open Wednesday surrounding the 62.50 area. Its longer term reversal pattern and consistent tendency to cut its earnings-driven after-hours declines left us looking at a potential long play on the issue in the morning hours Wednesday, beginning from 61 to 61.50, and secondarily, from 61.60 to 62.50.
CRM opened pre-market trading right on target, at 62.50 and only briefly blipped below that mark, to 62.30. For longs convinced to move in, a buy there, as measured up to the pre-market high of 63.75, was a 2.3% winner. A buy there, as measured up to the regular session high of 64.49, was 3.5% in the black.
The stock did push below 62 briefly during regular trading, putting in the day low at 61.78.
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