December 4 Chart of the Day - Salesforce
Precision oriented price action technical analysis by far provides the best edges and most setups for traders and investors across the markets so that's what we use for the basis of our reviews
Salesforce (CRM) shares jumped by nearly 11% topping at $369 per share during midday trading on Wednesday after the company’s fiscal third-quarter results surpassed expectations.
This represents new all time highs (ATHs) for the company we last featured in May 2024 when share price was at $215...
Don't you wish you followed us then?
We have featured over 300+ Charts of the Day since May 2023 and teach Price Action Trading for FREE to traders who join our Highly Rated Trade Room.
Monthly Chart
On the monthly chart we can see that price has reached un-chartered territory after creating new $369 all time highs (ATH) earlier today.
Now, with little to no previous price history at these levels price is going through what we like to call a "discovery phase" to create new structure. As traders we're limited to estimating potential upside targets using only price action tools Trend and Fibonacci as shared for free in our Trading All Time Highs webinar replay.
Note: The upper trend line and Fibonacci extension levels represent potential upside price targets and not to be considered levels to short.
Weekly Chart
On the weekly chart we can see where price set its ATH and could possibly be reaching for even higher levels.
Should price decided to pause, rest, or pull back some we've used advanced and traditional bull Fibonacci placements to identify possible long levels of interest.
Could earnings and future guidance be the catalyst that continues to push price to its next ATH or will fade from here?
Only time will tell for sure what price will do next...
We've layered in traditional and advanced Fibonacci levels as well as support/resistance and trend to help identify potential price levels of interest and/or future price targets.
Armed with precision oriented charts like these both traders and investors can formulate their respective plans.
So what's next?
We don't make predictions...
Nobody knows for sure but using these 5 price action tools traders and investors can develop levels of interest in both directions.
- Support/Resistance
- Trend
- Fibonacci
- Supply/Demand Zones,
- Change Control Zones
ChartPros provides the exact methodology in its price action technical analysis courses to create charts like this with the most precise and accurate levels from which investors and traders can formulate their respective trade plans.
Take a look at the charts and let us know what you think. We'd like to hear from you in the comments sections.
