The 200 Day Moving Average is Key for Salesforce.com
Published on Tuesday, 10 July 2012 08:12 Written by TradersHuddle Wire
New York, July 10th (TradersHuddle.com) - Salesforce.com, Inc. (NYSE:CRM) closed the trading session at $131.30, near its 200 day moving average set at $131.60. Salesforce.com's stock action is below this level, which makes the stock difficult to be bought, as it will face resistance as it approaches its 200 day moving average.
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.
Latest price action range, defined by a peaks and troughs algorithm, placed calculated support at $129.65 and resistance at $143.84. Traders should closely monitor these levels, as they provide great reference points for the latest price action in Salesforce.com.
If traders want to establish a position on Salesforce.com, given that resistance could materialize as the stock approaches its 200 day moving average, a trade might materialize as the stock manages to break this important level. After the breakout, the 200 day moving average could be used as support going forward. However, until the break materializes, traders need to exercise patience.
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