Good Afternoon, Salesforce.com NYSE: CRM has been a brutal trade over the past year or two. The stock price came under pressure following the pandemic bubble, and fears of slowing growth amplified the effect. Each time the company produced better-than-expected results, bears sold into the rally, creating a string of buy-the-dip opportunities in 2022 and 2023 that have now paid off. The Q3 results are mixed to include a better-than-expected margin and increase to profit guidance that sent the stock price up 10% to a multiyear high, confirming a complete reversal. Stock market reversals are a tricky pattern to trade. The reversal can all too often turn from up or down to sideways and leave the market trading in a range rather than entering a new trend. In this case, the bottoming pattern has been completed; the pattern has been broken and opens the door to a $100 increase in share prices. That target is derived from the magnitude of the pattern, a Head & Shoulders worth $100, and that figure is projected to the break-out point. That puts the market at $330, an all-time high above the analysts' highest price target.
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William Bushee
MarketBeat |
