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9 Takeaways From Salesforce.com's Chart

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CRM is greatly outperforming its peers and the broader market; it's up over 60% year-to-date.

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Today's chart is of Salesforce.com (NYSE:CRM), which provides cloud computing and social enterprise solutions to various businesses and industries worldwide. The company delivers customer relationship management applications through Internet or cloud.


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What I Am Looking At
  • First Trust ISE Cloud Computing ETF (NASDAQ:SKYY) up over 7% since mid-November bottom, outperforming the S&P 500 (INDEXSP:.INX) on a short-term basis
  • Greatly outperforming peers and the broader market, up over 60% year-to-date
  • The obvious bull flag and ascending triangle breakout from the $160 level, making an all-time high today
  • The 160-strike price was home to peak call open interest for the December/January series, appears to getting a delta-hedging rally as we break upwards through this strike
  • Delta-hedging rally may continue as major calls reside all the way up to the 175-strike
  • Based on equal measured move on the bull flag pattern looking to target near $180
  • Short interest represents 12% of the float
  • More than 10 days to cover, short-covering could help create a tailwind
  • Quarterly revenue growth (YOY) +35%
Trigger: Breakout of bullish flag pattern and ascending triangle / wait for possible backtest of $160 level.

This article by Tony Venosa, CMT, was originally published on Schaeffer's Investment Research.

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Twitter: @schaeffers
No positions in stocks mentioned.
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