A 52 Week High for Salesforce.com, will it Hold?

Published on Monday, 26 July 2010 11:37 Written by Christopher Lynn

New York, July 26th (TradersHuddle.com) - Shares of Salesforce.com, Inc. (NYSE:CRM) booked a new 52 week high today by trading above $100.3, traders are definitely monitoring Salesforce.com's price action to see if this move attracts further buying into the stock.

Salesforce.com, Inc. (NYSE:CRM) supplies a customer relationship management service to businesses worldwide providing a technology platform for customers and developers to build and run business applications. Clients use Salesforce.com to manage their customer, sales and operational data.

Salesforce.com is currently trading 0.15% versus its previous trading session close, and it has calculated support and resistance at $89.45 and $96.43 respectively. Clearly with this action this range has been penetrated, and traders will be reviewing price action to establish a new tradable range

The overall market index S&P 500 is trading higher by 0.75% from its previous trading close, which means that Salesforce.com stock is underperforming the overall market.