May 30 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 Inc. (CRM) is making headlines as their shares slid over 20% so far today, the most in almost two decades after projecting the slowest quarterly sales growth in its history, renewing concerns that the company will be left behind in the artificial intelligence boom.

We've fielded a lot of inquiries regarding their chart in the past few hours and after performing a price action technical analysis review our answer simply is "not yet..."

We have featured over 220 Charts of the Day during the past year and will be launching a Price Action Trading Performance and Mindset Boot Camp starting June 5, 2024 to help traders become more confident and consistent with their trading results.

Monthly Chart 

On the monthly chart we can see that after setting its $318.71 all time high (ATH) just a few short months ago, price has fallen dramatically through previous support/resistance levels and seemingly in search of a bottom.

Weekly Chart

 
On the weekly chart we can see with much more clarity the dramatic fall from ATHs.

Trading around $215 earlier today price is essentially in a free fall with no buyers to speak of.

We've layered in traditional bull 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?